Complex Made Simple

Hawkamah and IMF host central bank governance forum

Hawkamah Institute for Corporate Governance with the International Monetary Fund (IMF) organized a 2-day high-level forum on central bank governance: audit oversight and assurance mechanisms at the DIFC Conference Center on 8-9 December 2014. Hawkamah and the IMF have brought together central bankers and auditors from 43 countries across the globe.

This high-level forum was held to bring together central bankers and their auditors to discuss the core issues related to central bank governance, audit and risk management practices.

The forum also provided a platform for a cross-regional dialogue and peer exchange on the evolving role of audit committees’ oversight, the increasing expectations of the assurance function of these committees, the interaction with, and role of, internal audit functions, and the importance of high quality external audit.

Welcoming the delegates at the Forum, Dr. Ashraf Gamal, CEO of Hawkamah Institute for Corporate Governance said: “Central Banks play a critical role in ensuring the stability of a country’s financial system, therefore, effective governance of Central Banks is of prime importance. In broad terms, effective governance of the Central Bank requires clearly defined objectives, due autonomy and authority, transparency, accountability and close alignment of objectives and incentives in order for it to carry out its functions and responsibilities. The Forum organized today provides a platform for the Central Bankers and Auditors across the globe to discuss and debate the aspects of Central Bank governance and leading governance, audit and assurance practices. Hawkamah is pleased to partner with the IMF on this occasion.”

The discussions over the two days confirmed that effective governance should continue to be a high priority for central banks. Mr. Simon Bradbury, Chief Accountant at the IMF, said: “Audit committees play a key role in their oversight of the internal and external audit processes at central banks and the overall system of controls. They are an important enabler for maintaining strong controls and high quality assurance mechanisms at central banks and have a critical responsibility to ensure the central banks’ boards and senior management take appropriate actions that support effective governance.”

Countries participating in this Forum included Albania, Armenia, Bosnia and Herzegovina, Belarus, Cameroon, Cyprus, Djibouti, Eastern Caribbean, Gambia, Ghana, Greece, Germany, Haiti, Hungary, Ireland, Ivory Coast, Jordan, Kenya, Lesotho, Malawi, Madagascar, Moldova, Morocco, Mozambique, Mauritius, Poland, Romania, Rwanda, Senegal, Seychelles, South Sudan, Tajikistan, Tanzania, Tunisia, Uganda, USA, Ukraine, Yemen, Zambia, South Africa, Pakistan and UAE.