Board of External Auditors Presentation Highlights
The presentation by Martin Rubenstein, the Chair of the Board of External Auditors, outlines the responsibilities, membership, and mandate of the board in conducting external audits of the financial accounts of the OAS. Key findings and recommendations regarding accounting practices, liquidity issues, and modernization matters are discussed, emphasizing the importance of adherence to sound accounting principles. The presentation also covers observations related to liquidity and cash management strategies, strategic planning, modernization efforts, and oversight mechanisms.
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Presentation Transcript
Board of External Auditors Presentation to the Committee on Administrative and Budgetary Affairs Martin Rubenstein Chair of the Board of External Auditors
An introduction to the Board of External Auditors What is the Board responsible for? Responsibility: External audit of the financial accounts of the OAS Who sits on the Board? Current Membership: USA, Canada (Chair), Antigua & Barbuda What is the Board s mandate? Underlying objective: Contribute to the greater efficiency, effectiveness and economy of the affairs of the OAS How does the Board achieve this mandate? Annual workplan Public accounting firm Office of the Inspector General
Key findings & recommendations Accounting practices OAS Basis of accounting prescribed by the Budgetary & Financial Rules Differs from accounting principles generally accepted (refer to Section II Chapter 2) Differences not reconciled may have limited impact on donor funding Impact on migration to future accounting software system (modernization) Historical track record unmodified opinions No deficiencies noted that are considered to be material weaknesses One deficiency considered to be significant Liquidity issue Board is satisfied with the work of BDO and the commitment by the OAS to sound accounting principles
Key findings & recommendations - continued Key Administrative & Modernization matters (# denotes number of years recommendation outstanding) Mandate prioritization (2) Annual budget framework (2) Cash flow pressures (9) Indirect cost recovery fund (3) Human resources (4) Real property strategy (4) Business process modernization & enterprise resource planning (2)
Key Board observations Liquidity and cash management strategy Quotas, cash flow pressures Comprehensive strategic planning & program budget framework Modernizing the ICR Progress towards modernizing procedures and systems HR modernization ERP Real Property Strategy Oversight mechanisms OIG Audit Committee
