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Audit Committees in Central Banks

Author

Listed:
  • Kenneth Sullivan
  • Marie-Therese Camilleri
  • 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

  • Kenneth Sullivan & Marie-Therese Camilleri & Tonny Lybek, 2007. "Audit Committees in Central Banks," IMF Working Papers 07/73, International Monetary Fund.
  • Handle: RePEc:imf:imfwpa:07/73
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    References listed on IDEAS

    as
    1. Clive Smallman, 2004. "Exploring theoretical paradigms in corporate governance," International Journal of Business Governance and Ethics, Inderscience Enterprises Ltd, vol. 1(1), pages 78-94.
    2. Frisell, Lars & Roszbach, Kasper & spagnolo, giancarlo, 2008. "Governing the Governors: A Clinical Study of Central Banks," Working Paper Series 221, Sveriges Riksbank (Central Bank of Sweden).
    3. Eliezer M. Fich & Anil Shivdasani, 2006. "Are Busy Boards Effective Monitors?," Journal of Finance, American Finance Association, vol. 61(2), pages 689-724, April.
    4. Claudia H Dziobek & John W. Dalton, 2005. "Central Bank Losses and Experiences in Selected Countries," IMF Working Papers 05/72, International Monetary Fund.
    5. Klein, April, 2002. "Audit committee, board of director characteristics, and earnings management," Journal of Accounting and Economics, Elsevier, vol. 33(3), pages 375-400, August.
    6. Joke Mooij, 2004. "Corporate Culture of Central Banks: Lessons from the Past," DNB Working Papers 006, Netherlands Central Bank, Research Department.
    7. Benjamin E. Hermalin & Michael S. Weisbach, 2003. "Boards of directors as an endogenously determined institution: a survey of the economic literature," Economic Policy Review, Federal Reserve Bank of New York, issue Apr, pages 7-26.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    Accounting; Central bank governance; Central bank legislation; Central banks and their policies; Central banks; audit committees; audit committee; internal audit; financial statements; corporate governance;

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