Purpose of the Sub-Committee:
The purpose of the Sub-Committee on Finance is to provide the CIPM, and its stakeholders, with confidence in the long-term financial plan of the BIPM, reflecting good business practice and representing an important internal control.
Remit and terms of reference:
The Sub-Committee on Finance is formally accountable to the CIPM, reporting to the CIPM on the adequacy and effectiveness of BIPM's long-term financial plan and the preparation of the Annual Financial Statements. The scope of the Sub-Committee is as follows:
- To support the effective development and periodic
review of the long-term financial plan to ensure the sustainability of the BIPM.
- To advise on the most effective way to present and report the BIPM budget to stakeholders on an accrual accounting basis.
- To provide due diligence on the preparation of the annual Financial Statements for approval by the CIPM.
- To advise on the management processes to most effectively manage the BIPM's financial assets and investments.
- To review external audits of the BIPM's independent auditors in order to satisfy CIPM that the internal controls and systems of risk management and reporting are robust, defensible and
- To review the associated financial data prepared by the BIPM staff.
- To explore options to address the advances associated with the accumulated arrears in a way that will be acceptable to the Member States that made the advances and to the external auditors.
- To report their recommendations on these two actions to the CIPM.