74427
                                        AUDIT COMMITTEE


FROM: The Secretary, Audit Committee


                         Minutes of Meeting held on Wednesday, July 25, 2012
                                   at 10:02 a.m. in the Board Room

Present

Committee
Ms. Mokate (Chair)
Mr. Cipollone
Mr. Dhanpaul (Alternate)
Mr. Julia (Alternate)
Mr. Manao
Mr. Prasad
Mr. Solomon
Mr. Whitehead

Other Executive Directors and Alternates
Messrs./Mmes. Baeten, Bamba, Bor, Carmignani, Castro y Ortiz, Coronel, Dib, Dufey, Elfaki, Feidieker,
Fernando, Ferrari, Gooch, Inaka, Liu, Lumala, Lutfi, MacDonald, Malaspina, Maor Shavit, Meredov,
Mirjalili, Moongananiyil, Morin, Namjildorj, Nanu, Ncude, Orlos, Ostos, Panov, Pasi, Pedro, Perez
Morales, Pribadi, Qureshi, Rissmann, Ruggiero, Saldanha, Schneller, Souvannachoumkham, Speer,
Szczuka, Thakur, Thompson, Ubelis, Viggiolo and Zang

Officers and Staff
Messrs./Mmes. Ayoub, Bravery, Frazier, Ghosh, Hum, Khairi, Kopech, Kurtalic, Lauwers, Liounis,
Lukose, McDonough, Meddin, Najafi, Ngata, Nicholls, Obuya, Oskanian, Rosenberg, Saavedra,
Schwartz, Shyam-Sunder, Sinclair, Vallyeason, Venner, and Berger (Committee Secretary)

External Auditors (KPMG)
Messrs. Sweeney and Stephens


First Glance at World Bank Group Financial Statements - Oral Update

1.        The Committee received an update on First Glance at World Bank Group Financial Statements.

Briefing on London Interbank Offered Rate (LIBOR)

2.        Management also briefed the Committee on London Interbank Offered Rate (LIBOR).

Date of Next Meeting

3.        The Committee was scheduled to meet on August 6, 2012.

Adjournment

4.        The meeting adjourned at 12:01 p.m.