It is worth noting that even the organizations that do not have an institutionalized audit committee have set up mechanisms to review internal and external audit matters as well as progress made in implementing audit recommendations.

Independent Audit Advisory Committee

(b) Travel expenses related to the newly established Audit Committee

Provisional terms of reference for the independent audit advisory committee

(a) Revised terms of reference for the Independent Audit Advisory Committee

The audit was based on the following broad audit objectives, mentioned by the Board in its progress report on the capital master plan (see A 58 321, para.

The Ministry of Women Development carried out an audit of the plan in 2002 to gauge progress.

It therefore did not constitute an audit committee in line with best practices, although it was a commendable internal forum for audit follow up.

The Oversight Committee discussed for the first time in May 2005 the audit reports with an audit rating of below average or seriously deficient.

The Oversight Committee discussed for the first time in May 2005 the audit reports with an audit rating of below average or seriously deficient.

It is therefore proposed that the formal title be the Independent Audit Advisory Committee.

Provisional terms of reference for the Independent Audit Advisory Committee to the United Nations

Prior membership of an audit committee of a private corporation or public sector body

Two issues within UNHCR relate to that recommendation the Oversight Committee and internal audit ratings.

The Independent Audit Advisory Committee serves in an expert advisory capacity to the General Assembly.

Finally, the Group agreed with the Advisory Committee that the oversight bodies' coordination and collaboration in the planning of audit activities was positive and would promote optimal use of audit resources, complementarity of efforts and wider coverage of audit areas.

In paragraph 313, the Board recommended that UNICEF review its internal audit procedures and work with the Audit Committee to ensure it significantly improves its report issuance lead time.

Since May 2005, UNHCR's Oversight Committee systematically reviews all internal audit reports with below average rating.

The Committee notes from that report that the independent audit advisory committee would serve in an expert advisory capacity to the General Assembly.

The audit committee Charter has been reviewed and revised in line with the United Nations governance review.

Comment by the Administration. The secretariat of the Fund has submitted to the Standing Committee a proposal for the establishment of an audit committee.

UNICEF considers the existing internal audit procedures for report issuance to be adequate and will ensure that monitoring of those procedures and reporting to the Audit Committee on report issuance is rigorous.

The status of the implementation of external and internal audit recommendations was reported regularly to the Oversight Committee.

Furthermore, initial steps have been taken to analyse audit opinions and audit findings as to frequency and seriousness the results of the analysis will be submitted to the Management Review and Oversight Committee for review.

As part of ongoing efforts to strengthen internal governance and control mechanisms, a planning and budget advisory committee, an audit committee and an information and communications technology (ICT) steering committee were established.

Where there is a large committee, it is common to have smaller committees with more specialized functions for example, Boards of Directors of large corporations typically have an (ongoing) audit committee, finance committee, compensation committee, etc.

The Naresh Chandra Committee on Corporate Audit and Governance, also of India, recommends training for independent directors and disclosure thereof.

Audit Recommendations

Internal audit

Audit opinion

Audit process

Internal audit

Audit opinion

External audit

Internal audit

Audit costs

The Advisory Committee points out that the proposed independent audit advisory committee is to be an integral part of governance arrangements at the United Nations, which would include a previously established internal oversight committee.

C Report of the Office of Internal Oversight Services on the audit of the functioning of the Headquarters Committee on Contracts

In paragraph 150 of its report, the Board recommended that UNRWA consider including external members on its Audit and Inspection Committee.

It was concluded that the Oversight Committee played a useful role within the management structure, but did not constitute an independent audit committee that could operate parallel to it.

It was concluded that the Oversight Committee played a useful role within the management structure, but did not constitute an independent audit committee that could operate parallel to it.

The Committee therefore recommends that the creation of the independent audit advisory committee and the elaboration of its terms of reference be deferred until the governance review is completed.

Turning to the follow up of past requests of the General Assembly, the United States delegation would like details on the progress made towards setting up an audit committee to provide expert advice and guidance, and urged the Pension Board to act rapidly on that matter.

Internal audit is conducted by a dedicated UNHCR Audit Service, which forms part of Internal Audit Division II that is headquartered at Geneva.

The UNHCR Audit Service, in close cooperation with the UNHCR Audit Coordinator in the Controller's Office, vigorously follows up on outstanding audit recommendations.