2018年-IMF国际货币组织全球_Somalia_Technical_Assistance_Report_71页_4mb

Summary of Technical Assistance Report: Internal Audit and Accounting Training for the Central Bank of Somalia

Core Content

This report outlines the findings and recommendations of an International Monetary Fund (IMF) Technical Assistance (TA) mission conducted in Uganda from September 24 to October 5, 2017, aimed at supporting the Central Bank of Somalia (CBS) in developing formal frameworks for internal audit and accounting aligned with international norms. The mission included training sessions on internal audit and accounting practices, focusing on improving the CBS's capacity to maintain accurate financial records and prepare reliable financial statements. The report also includes a set of assignments for CBS staff to complete prior to the next mission, as well as recommendations for organizational and procedural improvements.

Main Points and Recommendations

Internal Audit

• Current Status: The Internal Audit Department (IAD) is at an early stage of maturity, with limited capacity and no formal structure or manual. It currently performs basic tasks such as "surprise cash counting" but lacks a structured approach to internal auditing.
• Infrastructure Needs: The IAD requires an internal audit charter, audit committee charter, and internal audit manual to ensure sustainable, repeatable, and professional audit practices.
• Organizational Structure: The IAD lacks a department head and has an overly hierarchical structure, which is not suitable for its small team. A flatter structure is recommended to improve resource mobilization and staff development.
• Risk-Based Auditing: The IAD should transition from compliance-based to risk-based auditing, which focuses on identifying and addressing significant risks. This includes developing a comprehensive audit universe and conducting risk assessments of all business processes.
• Role in Risk Management: The IAD should be involved in the risk assessment process and can provide consulting services on risk management once its capacity matures. However, the ownership of risk management should remain with CBS management.

Accounting

• Financial Statements: The CBS's financial statements for 2015 and 2016 were not prepared in accordance with IFRS, leading to inaccuracies. The mission emphasized the importance of accurate balances for the upcoming 2017 financial statements and the transition to a new accounting system (Oracle ERP).
• IFRS Gap Analysis: A detailed gap analysis was conducted to understand the impact of adopting IFRS, particularly on the income statement and balance sheet. The focus was on applying accrual accounting and depreciation to buildings.
• Accounting Policies and Procedures: The CBS needs to develop and adopt accounting policies that align with IFRS and its internal needs. These include updating the chart of accounts to include six levels instead of five, and preparing proper notes for financial statements.
• Fixed Asset Register: A fixed asset register should be established to maintain proper records of property, plant, and equipment (PP&E), including depreciation calculations and asset revaluation.
• IT Systems and Integration: The CBS must ensure that its accountants are involved in the IT project, particularly in configuring the new accounting system to reflect accurate balances and support reliable financial reporting.

Key Assignments

Conclusion

The mission aimed to help the CBS transition to more professional and modern internal audit and accounting practices. The recommendations include the development of formal governance structures, the adoption of IFRS, the establishment of a flatter internal audit structure, and the implementation of a risk-based auditing approach. The CBS is advised to focus on the immediate objectives of improving financial accuracy and preparing for the new accounting system, while also building long-term capacity in internal audit and accounting standards.

Appendices and Supporting Materials

• Appendix I: Agenda for training sessions
• Appendix II: Training participants
• Appendix III: Matrix of future missions
• Appendix IV: Proposed internal audit charter
• Appendix V: Audit committee charter example
• Appendix VI: IMF internal auditing and accounting mission at CBS
• Appendix VII: IFRS basic concepts
• Appendix VIII: Accounting manuals
• Appendix IX: Property, Plant, and Equipment (PP&E)
• Appendix X: Audit universe

Glossary

• AGC: Audit Governance Committee
• BoD: Board of Directors
• CBS: Central Bank of Somalia
• CIA: Certified Internal Auditor
• CISA: Certified Information System Auditor
• IAD: Internal Audit Department
• IAS: International Accounting Standards
• IFRS: International Financial Reporting Standards
• IPPF: International Professional Practice Framework
• IIA: Institute of Internal Auditors
• IT: Information Technology
• HIPC: Heavily Indebted Poor Countries
• MCM: Monetary and Capital Markets Department
• PP&E: Property, Plant, and Equipment
• SDR: Special Drawing Rights
• SMP: Staff Monitoring Program