External Auditor of the IOPC Funds

An External Auditor is appointed by the 1992 Fund Assembly and Supplementary Fund Assembly every four years. Regulation 14 of the respective Funds’ Financial Regulations sets out detailed information on the role of the External Auditor and states that the post should be filled by the Auditor-General (or officer holding the equivalent title) of a Member State or a commercial firm with the requisite capabilities nominated by a Member State or identified by the Audit Body.

The current IOPC Funds’ External Auditor is BDO International LLP (BDO).  BDO is an international network of public accounting, tax and advisory firms who perform professional services under the name of BDO. BDO’s term of office will come to an end following its report on the 2025 Financial Statements to the regular sessions of the IOPC Funds’ governing bodies in 2026. It will therefore be necessary for the 1992 Fund Assembly and the Supplementary Fund Assembly at their regular sessions in November 2024 to appoint a new External Auditor to fill the vacant position and to audit the Financial Statements from 1 January 2026 to 31 December 2029. A circular has been issued regarding the nomination of candidates for the position of External Auditor and the tender process (IOPC/2023/Circ.9).

Joint Audit Body

The joint Audit Body, established by the IOPC Funds’ governing bodies, normally meets three times a year to review the adequacy and effectiveness of the organisations regarding key issues of management and financial systems, financial reporting, internal controls, operational procedures and risk management, and to review the organisations’ Financial Statements and reports. It also considers all relevant reports by the External Auditor, including reports on the organisations’ Financial Statements. The Audit Body reports to the governing bodies at their regular meeting.

In accordance with the Composition and Mandate of the joint Audit Body, which was adopted in October 2008 and amended in April 2019, the Audit Body shall be composed of seven members elected by the 1992 Fund Assembly: six named individuals nominated by 1992 Fund Member States and one named individual not related to the organisations (an ‘external expert’) with expertise and experience in financial and audit matters, nominated by the Chair of the 1992 Fund Assembly. Members of the Audit Body shall hold office for a term of three years, once renewable. A Chair and Vice-Chair of the Audit Body are appointed from among the elected members.

The six current members of the joint Audit Body, elected in November 2023 for a three-year term until the regular meeting of the governing bodies in 2026, are:

Mr Alfred H.E. Popp, CM, K.C. (Canada)

Mr Volker Schöfisch (Germany) (Chair)

Captain Anish Joseph (India)

Dr Hideo Osuga (Japan) (Vice-Chair)

Captain Thomas F. Heinan (Marshall Islands)

Mr Christoph Kagame Mungandjela (Namibia)

The current external expert of the joint Audit Body, appointed in November 2021 for a three-year term until the regular sessions of the governing bodies in 2024, is:

Mrs Alison Baker (External expert)

Joint Investment Advisory Body

The joint Investment Advisory Body (IAB), established by the IOPC Funds’ governing bodies, advises the Director on procedures for investment and cash management controls. This Body also reviews the IOPC Funds’ investments and foreign exchange requirements, to ensure that reasonable investment returns are achieved without compromising the safety of the IOPC Funds’ assets. The IAB normally meets four times a year with the Secretariat. It also meets with the Audit Body and External Auditor once a year to share information, and reports to the governing bodies at their regular meeting.

The three current members of the IAB, who were appointed by the 1992 Fund Assembly in November 2023 for a term of three years, until the regular sessions of the governing bodies in 2026, are:

Mr Alan Moore

Ms Beate Grosskurth 

Mr Marcel Zimmermann