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Audit Committees in Central Banks

Author

Listed:
  • Mr. Kenneth Sullivan
  • Mrs. Marie T Dal Corso
  • Mr. Tonny Lybek

Abstract

This paper reviews the tasks and design of audit committees, increasingly recommended as a way to strengthen financial accountability and good central bank governance. It outlines the motivations for the establishment of audit committees in commercial corporations and public sector entities, and explains how audit committees interact with other governance bodies within a central bank. The paper focuses on the functions of an audit committee, since the terminology of the governance structure is often country-specific. It summarizes operational issues to consider in designing an effective audit committee and discusses the implications for central bank legislation.

Suggested Citation

  • Mr. Kenneth Sullivan & Mrs. Marie T Dal Corso & Mr. Tonny Lybek, 2007. "Audit Committees in Central Banks," IMF Working Papers 2007/073, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:2007/073
    as

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    References listed on IDEAS

    as
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    6. Joke Mooij, 2004. "Corporate Culture of Central Banks: Lessons from the Past," DNB Working Papers 006, Netherlands Central Bank, Research Department.
    7. Ms. Claudia H Dziobek & Mr. John W. Dalton, 2005. "Central Bank Losses and Experiences in Selected Countries," IMF Working Papers 2005/072, International Monetary Fund.
    Full references (including those not matched with items on IDEAS)

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