Financial Control

External Auditor of the IOPC Funds

The accounts of the IOPC Funds are audited by the Comptroller and Auditor General of the United Kingdom. Regulation 14 of the Financial Regulations sets out detailed information on the role of the External Auditor.

Joint Audit Body

The IOPC Funds have a joint Audit Body whose composition and mandate are set out in Annex II of the Financial Regulations. The mandate of the joint Audit Body is:

(a) to review the adequacy and effectiveness of the Organisations' management and financial systems, financial reporting, internal controls, operational procedures, risk management and related matters;

(b) to promote the understanding and effectiveness of the audit function within the Organisations, and provide a forum to discuss matters referred to in (a) above and matters raised by the external audit;

(c) to discuss with the External Auditor the nature and scope of each forthcoming audit and provide input to the development of the strategic audit plan;

(d) to review the Organisations' Financial Statements and reports;

(e) to consider all relevant reports by the External Auditor, including reports on the Organisations' Financial Statements, and make appropriate recommendations to the Funds' governing bodies;

(f) to manage the process for the selection of the External Auditor; and

(g) to undertake any other tasks or activities as requested by the Funds' governing bodies.

Investment Advisory Bodies