A financial audit conducted by the European Commission sponsored audit firm Ernst Young in September October 2004 revealed the following

(1) to uncover the properties, verify the debts and entrust an accounting firm to audit

(1) Where a securities firm does not undertake audit on the departure of its legal representative or senior manager and submit audit reports according to provisions

Article 23 The securities firm should set up responsible person for regulatory compliance to audit, supervise or check legal and regulatory compliance of management behavior of securities firm.

FDA has not officially responded to a preliminary audit submitted in July 2004 conducted by the Liberia accountant firm Voscon.

Article 75 An accounting firm can read and copy client information concerned with audit issues or other documents and materials of a securities firm, and can acquire relevant data materials from the computer information management system of the securities firm.

Article 37 If a securities firm is engaged in securities brokerage business, it should audit whether capital and securities in customer s account are sufficient or not.

If the board of the securities firm is set up with remuneration and nomination committee, audit committee, the principals of these committees should be undertaken by independent board director.

The Panel notes that Kuwait was not liberated until 2 March 1991 and that the audit firm who purportedly prepared these accounts did not restart trading until some period after this date.

The observations of the Panel on the accounts of the National Port Authority for 2004, as well as the comments of the European Commission sponsored audit firm Ernst Young, are depicted in annex VI.

Article 28 When the securities firm is entrusted by securities registration settlement agency to open securities account for customers, it should audit name and identity authenticity declared by customers according to management rule of securities account.

Audit opinion

Audit process

Audit opinion

External audit

Internal audit

Audit costs

Audit Division

Internal audit is conducted by a dedicated UNHCR Audit Service, which forms part of Internal Audit Division II that is headquartered at Geneva.

The UNHCR Audit Service, in close cooperation with the UNHCR Audit Coordinator in the Controller's Office, vigorously follows up on outstanding audit recommendations.

We believe that our audit provides a reasonable basis for the audit opinion.

The Audit Services Branch will update the checklist for the 2005 audit exercise.

Internal audit ratings

So we audit.

Audit the Fed?

Internal audit function

Scope of audit

OIOS Audit Service

UNHCR Audit Service

At the present time, audit assignments are shared among the audit staff provided from the audit services of the members of the Board on an equal basis.

The Office of Audit and Performance Review has incorporated procedures in its country office audit guide to ensure that audit clauses are included in all project agreements.

One D 1 post would be redeployed from Internal Audit in New York to Internal Audit in Geneva to strengthen audit operations handled from the Geneva office.

The working group fully supported the resources requested for external audit ( 479,900) and internal audit ( 1,240,700).

The call for the 2004 audit of nationally executed projects emphasized the requirements for the audit.

Annual report and audit

Audit recommendation tracking dashboard

Independent Audit Advisory Committee

(c) Audit and Inspection

Subprogramme 1 Internal audit

OIOS, UNHCR Audit Service

The regularity audit will be taken forward through a pre final audit in the last quarter of 2005 and a final audit after the closure of the financial period.

These include the implementation of a web based audit recommendation tracking dashboard (http audit dashboard.undp.org) to manage corporate audit issues, and the establishment of a quality assurance function within the Bureau of Management (BOM) to analyze systemic issues arising from audit observations.

To ensure an effective internal audit mechanism, the Coordination Council has adopted a Charter for Internal Audit.

OIOS Audit of UNHCR Procurement (Audit report 03 03) of 6 February 2003, paragraphs 25 and 26.

The audits of Treasury and the relevant specialist areas have been included in the 2005 audit plan of the Internal Audit Section of the Office of Audit and Performance Reviews.