Independent Audit Advisory Committee

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.

The working group fully supported the resources requested for external audit ( 479,900) and internal audit ( 1,240,700).

(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

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 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.

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.

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.

Mason Group (First Committee)

JUSCANZ Group (Second Committee)

JUSCANZ Group (Second Committee)

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.

African Group (Third Committee experts)

African Group (Third Committee experts)

African Group (Third Committee experts)

Arab Group (Second Committee experts)

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.

The group recognized that an effective internal audit function plays a significant role within the corporate governance framework of a company.

The United Nations Development Group (UNDG) inter agency audit task group, of which UNFPA is a member, finalized a technical note on the appointment of project auditors in September 2005.

1.22 The secretariat of the Board provides substantive, technical and administrative support to the Board, its Audit Operations Committee and the Panel of External Auditors and its Technical Group, including research and analysis of documentation relevant to their activities.

Eastern European Group (Fifth Committee experts)

Group of 77 (Fifth Committee matters)

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.

Group of 77 (on Second Committee matters)

African Group (experts of the Sixth Committee)

Audit Recommendations

Internal audit

Audit opinion

Audit process

Internal audit