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INTERNATIONAL ADVISORY AND MONITORING
BOARD
TERMS OF REFERENCE
Draft. 6/10/2003
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IRW Commentary:
The remit of the IAMB is narrow and limited to oversight
of the audit for the DFI. Regulations for the IAMB go into
force once approved by a majority of IAMB members and with
agreement of the CPA.
Responsibility. The IAMB "shall oversee
the external audit processes, the financial reporting arrangements,
and the system of internal controls of the DFI."
Reporting: Audits, minutes of IAMB meetings,
approved reports, and dissenting views are all to be published.
Members: Voting members are representatives
of the Secretary General of the United Nations, the Managing
Director of the IMF, the Director-General of the Arab Fund
for Social and Economic Development, and the President of
the International Bank for Reconstruction and Development.
Additional non-voting members may be added with CPA approval.
Concerns:
These terms of reference provide an extremely narrow function.
The auditor only examines whether petroleum export revenues
are flowing to the DFI in correct amounts and whether the
revenues are being properly stored while in the DFI. The auditors
will have no power to review the most contested issues: the
terms of contracts that determine what share of petroleum
profits the government receives, nor whether expenditures
from the DFI are being used effectively. Hence, while the
terms of reference for the IAMB do create an inclusive institution,
its influence will be marginal.
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