External audit

(i) To consider the effectiveness and objectivity of the external audit process

In my view the organisation is well run, a view that is endorsed by a number of independent reviews and accolades on the progress made by the organisation.

All publicly owned enterprises are subject to external audit and accounts are published.

(a) Reviewing the strategy and workplans of internal and, in some organizations, external audit and discussing the scope and content of their audits so as to identify audit priorities and suggesting potential audit areas within which to address the organization's risks

The United States delegation wondered whether the lower estimated cost of external audits by the Board of Auditors reflected reduced audit coverage or better audit efficiency.

The provision under audit costs reflected a reduction in the costs of both external and internal audit, reflecting the resource levels recommended by the Board of Auditors and the Office of Internal Oversight Services.

UNHCR planned to invite a representative of the Board of Auditors to attend the review of external audit reports.

External accounts clearly matter, because they reflect the balance between domestic saving and investment.

The setting or compliance with international internal or external audit standards

The amount of 1,657,900 covers the estimated requirements for external audit ( 462,400) as requested by the Board of Auditors, and for internal audit ( 1,195,500) as requested by the Office of Internal Oversight Services.

The Director of External Audit of the Philippines and Chairman of the Audit Operations Committee of the Board of Auditors, Mr. Sabiniano Cabatuan, introduced the reports of the Board of Auditors (A 60 5 Add.5 and A 60 113).

Now GDP growth is slowing, investment is falling, the budget deficit is widening, and the external accounts are weakening.

With the exception of Central America, rising commodity prices have improved the external accounts and fiscal positions of Latin American countries.

The reduction in the estimated costs of external audit reflects a reduced provision by the Board of Auditors ( 27,000).

After emerging from the crisis, indicators show a sustained growth in the economy, and a surplus in the fiscal external accounts, together with a recovery in national reserves.

China is clearly pleased to see that the United States is now also placing cool calculation of its national interests at the forefront of its foreign policy.

This provides an overview of the tools and processes in place to analyse, track and manage external audit recommendations and corporate audit issues at UNDP.

UNHCR properly requires its implementing partners to supply audit certificates delivered by external auditing firms on their local operations funded by it.

That would be both cost effective and in line with the agreed principles of international auditing relating to the regular rotation of external auditors.

He further explained that the document before the Executive Board provides information on the status of implementation of the external audit recommendations made in respect of the biennium 2002 2003.

Under the cost sharing arrangements, it is estimated that approximately one half of external audit costs are expended on the audit of administrative operations and one half on investment operations.

In addition, I have the honour to present the report of the Board of Auditors with respect to the above accounts, including an audit opinion thereon.

Open Accounts

All accounts

Special accounts.

b Outposted to the Department of Economic and Social Affairs for financial matters related to technical cooperation.

Monitoring of accounts

Report by the Director General

Health accounts

Principal accounts

Any statement of ex gratia payments is submitted to the Board of Auditors with the annual accounts.

(Signed) Philippe Séguin First President of the Court of Accounts of France (Lead Auditor)

Audit process

External auditors

Internal auditors

Scope of audit

Audit opinion

Resident auditors

(i) Accounts Unit

Internal audit

Audit costs

Opening of bank accounts

Accounts payable

(ii) Accounts Division