Audit Committees in Central Banks

Author/Editor:

Kenneth Sullivan ; Marie-Therese Camilleri ; Tonny Lybek

Publication Date:

April 1, 2007

Electronic Access:

Free Download. Use the free Adobe Acrobat Reader to view this PDF file

Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

Summary:

This paper reviews the tasks and design of audit committees, increasingly recommended as a way to strengthen financial accountability and good central bank governance. It outlines the motivations for the establishment of audit committees in commercial corporations and public sector entities, and explains how audit committees interact with other governance bodies within a central bank. The paper focuses on the functions of an audit committee, since the terminology of the governance structure is often country-specific. It summarizes operational issues to consider in designing an effective audit committee and discusses the implications for central bank legislation.

Series:

Working Paper No. 07/73

Subject:

Accounting Central bank governance Central bank legislation Central banks Central banks and their policies

English

Publication Date:

April 1, 2007

ISBN/ISSN:

9781451866377/1018-5941

Stock No:

WPIEA2007073

Format:

Paper

Pages:

48

Please address any questions about this title to publications@imf.org