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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 However, the paper also notes that a sizeable number of central banks do not publish the audit results in a timely manner, which leaves room for improvement in transparency practices.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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This Detailed Assessment of the Observance of International Organization of Securities Commissions (IOSCO) Objectives and Principles of Securities Regulation for the Dubai International Financial Centre (DIFC) discusses the preconditions for effective securities regulations and principle-by-principle assessment. The Dubai Financial Services Authority (DFSA) has established a very impressive set of laws, regulations, and rules and policies and procedures for regulation. The DFSA has shown a commitment to bring action against those in violation of the law and its rules, and has established robust licensing processes.

Monetary policy --- Monetary management --- Economic policy --- Currency boards --- Money supply --- Accounting --- Finance: General --- Investments: General --- Public Finance --- Industries: Financial Services --- Public Administration --- Public Sector Accounting and Audits --- Financial Institutions and Services: Government Policy and Regulation --- General Financial Markets: General (includes Measurement and Data) --- General Financial Markets: Government Policy and Regulation --- Finance --- Investment & securities --- Financial reporting, financial statements --- Management accounting & bookkeeping --- Financial services law & regulation --- Financial services --- Securities --- Financial statements --- Audit standards and procedures --- IOSCO Objectives and Principles of Securities Regulations --- Financial institutions --- Public financial management (PFM) --- Financial regulation and supervision --- Financial services industry --- Financial instruments --- Finance, Public --- Auditing --- Banks and banking --- State supervision --- United Arab Emirates --- Iosco Objectives and Principles of Securities Regulations