REGIONAL MULTILATERAL DEVELOPMENT BANKS. External Audit Reporting Could Be Expanded
Abstract
While the traditional role of the external audit function is to express an independent opinion on an entity's financial statements, this role has increasingly been expanded to include reviews of internal control. Worldwide, countries and institutions are recognizing the importance of providing independent, external assessments on not only financial reporting, but also on Internal control over an entity's operations and Internal control over compliance with laws and regulations or key policies. Because MDBs are funded with public resources and are semigovernmental In nature, member countries that provide the MDBs' financial support and backing would benefit from assurance provided by an external auditor over the MDBs' controls and whether funds are being used as Intended. This reporting could enhance the accountability and transparency of the MDBs by providing an additional level of assurance over what was spent, how it was spent, and what resources remain to be utilized. Such reporting would also provide information about the effectiveness of the MDBs' control over lending operations and use of funds.
Document Details
- Document Type
- Technical Report
- Publication Date
- Dec 01, 2001
- Accession Number
- ADA397438
Entities
Organizations
- United States Government Accountability Office