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Experience under the safeguards policy has shown that central banks continued to strengthen their safeguards frameworks, but that vulnerabilities prevailed in the areas of internal audit and oversight by the audit committee (AC). This paper takes steps to help unravel why this was the case, based on analysis of safeguards findings in these areas during the period April 2010 to December 2017 (covering 111 assessments at 64 central banks). Based on this analysis, it presents the key attributes that determine the effectiveness of internal audit and the AC. It also argues that, an effective internal audit function, coupled with strong oversight by a high-performing AC are key enablers of good governance.

Banks and Banking --- Public Finance --- Public Administration --- Public Sector Accounting and Audits --- Auditing --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Taxation, Subsidies, and Revenue: General --- Management accounting & bookkeeping --- Banking --- Public finance & taxation --- Internal audit --- External audit --- Internal controls --- Auditing, Internal --- Banks and banking --- Revenue

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This technical note presents a factual update of the 2001 assessment of Switzerland’s compliance with the 1997 Basel Core Principles for Effective Banking Supervision (BCP), including a follow-up on implementation of the 2001 BCP assessment, undertaken in the context of the original Financial Sector Assessment Program in 2001. The note discusses that the Swiss Federal Banking Commission (SFBC) has made impressive progress both organizationally and to its supervisory practices to strengthen Switzerland’s banking supervisory framework. The SFBC has also significantly improved its outreach to foreign supervisors and its collaboration with external auditors and the industry.

Banks and banking --- Finance --- State supervision --- Switzerland --- Economic policy. --- Banks and Banking --- Finance: General --- Public Finance --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- General Financial Markets: Government Policy and Regulation --- Public Administration --- Public Sector Accounting and Audits --- Auditing --- Banking --- Financial services law & regulation --- Management accounting & bookkeeping --- Basel Core Principles --- External audit --- Basel II --- Financial regulation and supervision --- Public financial management (PFM) --- Financial Sector Assessment Program --- Financial sector policy and analysis --- Financial services industry

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A well-functioning public expenditure management (PEM) system is considered a critical pillar of government efficiency, on par with a low-distortion tax system and efficient tax administration. The paper discusses PEM systems in developing countries using an analytical framework based on principal-agent theory. This simple model can be applied to various PEM systems, and allows for comparisons between institutional settings. To illustrate this, we analyze the benefits derived from the use by the Ministry of Finance (MoF) of two control instruments; ex post audits and ex ante controls, and assess their value in terms of their ability to deter cheating. We derive a set of possible "control regimes" which can be used by the MoF. Although we illustrate the use of the model using developing countries, it is also relevant to developed economies.

Electronic books. -- local. --- Expenditures, Public -- Developing countries. --- Government spending policy -- Management -- Developing countries. --- Political Science --- Law, Politics & Government --- Public Finance --- Government spending policy --- Expenditures, Public --- Management --- Appropriations and expenditures --- Government appropriations --- Government expenditures --- Government spending --- Public expenditures --- Public spending --- Spending, Government --- Public spending policy --- Spending policy, Government --- Government policy --- Finance, Public --- Public administration --- Economic policy --- Full employment policies --- Unfunded mandates --- Taxation --- Auditing --- Taxation, Subsidies, and Revenue: General --- National Government Expenditures and Related Policies: General --- Public Administration --- Public Sector Accounting and Audits --- Management accounting & bookkeeping --- Public finance & taxation --- Expenditure --- External audit --- Internal controls --- Tax incentives --- Revenue --- France

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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.

Banks and Banking --- Public Finance --- Accounting --- Bureaucracy --- Administrative Processes in Public Organizations --- Corruption --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Central Banks and Their Policies --- Auditing --- Public Administration --- Public Sector Accounting and Audits --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Taxation, Subsidies, and Revenue: General --- Management accounting & bookkeeping --- Banking --- Public finance & taxation --- Financial reporting, financial statements --- External audit --- Internal audit --- Internal controls --- Public financial management (PFM) --- Revenue administration --- Financial statements --- Auditing, Internal --- Banks and banking --- Revenue --- Finance, Public --- United Kingdom --- Audit committees. --- Banks and banking, Central.

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Banking supervision in South Africa has been effective in reducing the impact of the global financial crisis. The banks have remained profitable, and capital adequacy ratios have been maintained well above the regulatory minimum. The supervisory and regulatory framework has been strengthened substantially. A specific regulation dealing with country and transfer-risk regulation should be drafted. The registrar’s remedial powers in banks should be strengthened. The Bank Supervision Department should expand its expertise in specialized areas such as operational risk and countering the abuse of financial services.

Conditionality (International relations). --- Economic assistance. --- International economic relations. --- International Monetary Fund. --- Banks and Banking --- Public Finance --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Financing Policy --- Financial Risk and Risk Management --- Capital and Ownership Structure --- Value of Firms --- Goodwill --- Public Administration --- Public Sector Accounting and Audits --- Financial Institutions and Services: Government Policy and Regulation --- Banking --- Financial services law & regulation --- Management accounting & bookkeeping --- External audit --- Credit risk --- Market risk --- Capital adequacy requirements --- Public financial management (PFM) --- Financial regulation and supervision --- Bank supervision --- Internal audit --- Banks and banking --- Financial risk management --- Auditing --- Asset requirements --- State supervision --- Auditing, Internal --- South Africa