Audit Committees in Central Banks

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 exp...

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Bibliographic Details
Published in:Policy File 2007
Main Authors: Camilleri Gilson, Marie-Therese, Lybek, Tonny, Sullivan, Kenneth
Format: Report
Language:English
Subjects:
Banking/Finance
Economic policy
International Monetary Fund
International/Economic development
Online Access:Request full text
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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.