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. BDO International is an international network of public accounting, tax and advisory firms that perform professional services under the name of BDO. BDO was first appointed in October 2015 to audit the Financial Statements of the 1992 Fund and the Supplementary Fund for a period of four years from 2016. Following a formal review of BDO and an assessment of its performance by the Audit Body, in October 2019 the governing bodies re-appointed BDO as the External Auditor for a further four-year term, i.e. the financial years 2020–2023 inclusive.
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 December 2020 for a three-year term until the regular meeting of the governing bodies in 2023, are:
Mrs Birgit Sølling Olsen (Denmark) (Chair)
Mr Vatsalya Saxena (India) (Vice-Chair)
Mr Alfred H.E. Popp, CM, Q.C. (Canada)
Mr Arnold Rondeau (France)
Dr Hideo Osuga (Japan)
Captain Thomas F. Heinan (Marshall Islands)
At its December 2020 meeting, the 1992 Fund Assembly decided to extend the tenure of the external expert, Mr Michael Knight, beyond his third three-year term until 31 December 2021. This was in order to facilitate the continuity and functioning of the Audit Body as there was a substantial change in its membership when four new Audit Body members were elected at the December 2020 meeting.
The current external expert of the joint Audit Body, appointed in November 2021 for a three-year term until the regular meeting 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 appointed by the 1992 Fund Assembly are:
Mr Alan Moore (until December 2023)
Mr Brian Turner (until December 2022)
Ms Beate Grosskurth (until December 2023)