SecM106-06 - Annual Report of the Audit Committee of the Board, 2005-2006

Board of Directors Audit Committee ANNUAL REPORT OF THE AUDIT COMMITTEE OF THE BOARD 2005-2006 31 August 2006 I. OVERVIEW 1. In line with Article 31 of the Agreement Establishing the Asian Development Bank and Section 12 of the By-Laws, the Audit Committee of the Board (ACB) assists the Board of Directors in carrying out its responsibilities as they relate to oversight of ADB’s financial reporting and audits, including internal controls. In accordance with the Terms of Reference (ToR) the ACB satisfied itself that they were appropriate and accorded with ADB’s approved policies and generally accepted accounting and auditing standards. 2. The ACB identified a range of audit issues which formed the basis of its Work Program (a list of the audit issues and reports is found in Appendix 1). The ACB met during the period of review (1 July 2005 to 30 June 2006) with staff from the Budget, Personnel, and Management Systems Department (BPMSD), the Controller’s Department (CTL), the Department of External Relations (DER), the Office of the Auditor General (OAG), the Office of Administrative Services (OAS), the Office of Cofinancing Operations (OCO), the Office of General Counsel (OGC); the Office of Information Systems Technology (OIST), the Risk Management Unit (RMU), the Regional and Sustainable Development Department (RSDD), the Office of the Secretary (OSEC), the Strategy and Policy Department (SPD), ...