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 the CIPM that the internal controls and systems of risk management and reporting are robust, defensible and proportionate.
Following Decision CIPM/108-34:
- To review the financial data regarding accumulated arrears and associated advances by Member States prepared by the BIPM staff.
- To explore options to address the issue 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.