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This paper takes stock of external audit arrangements at central banks. Its focus is on the annual audit of central bank financial statements, as well as legal and institutional measures that support audit quality and independence. The paper outlines good practices in these areas and provides a summary of actual practices observed based on a review of audited financial statements and central bank legislation. While the audit frameworks for central banks differ depending on their legal and institutional circumstances, central banks’ external audits increasingly follow international standards. Most of them are audited by auditors with international affiliations and embrace modern governance structures that provide for audit oversight. However, the paper also notes that a sizeable number of central banks do not publish the audit results in a timely manner, which leaves room for improvement in transparency practices.

Accounting --- Public Finance --- Central Banks and Their Policies --- Auditing --- Public Administration --- Public Sector Accounting and Audits --- Management accounting & bookkeeping --- Financial reporting, financial statements --- External audit --- Financial statements --- Audit standards and procedures --- Financial audit --- Public financial management (PFM) --- Finance, Public --- United States

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Safeguards assessments are a key pillar of the risk management arrangements for IMF lending. Safeguards assessments aim to mitigate the risks of misuse of Fund resources and misreporting of program monetary data under Fund arrangements. Safeguards assessment reports are confidential and therefore the IMF Executive Board is provided with a periodic report on safeguards activities on a biennial basis, in addition to high-level summaries in member country staff reports on key findings and recommendations. This update on safeguards activity covers the period May 2017 to end-April 2019 (the period).

Auditing --- Auditing, Internal --- Banking --- Banks and Banking --- Banks and banking --- Banks --- Central bank governance --- Central Banks and Their Policies --- Central banks --- Computer Programs: Other --- Data Collection and Data Estimation Methodology --- Depository Institutions --- Econometrics & economic statistics --- Economic and financial statistics --- Economic indicators --- External audit --- Income economics --- Internal audit --- Labor economics --- Labor Economics: General --- Labor --- Labour --- Macroeconomics --- Management accounting & bookkeeping --- Micro Finance Institutions --- Monetary statistics --- Mortgages --- Public Administration --- Public Finance --- Public financial management (PFM) --- Public Sector Accounting and Audits --- Statistics --- Argentina