OFFICIAL USE ONLY
                                                                                                         AC/M2012-0010
                                                                                                                   May 18, 2012




                                                                             Closing Date: Tuesday, May 22, 2012
                                                                                           at 6 p.m.



                                                   AUDIT COMMITTEE


FROM: The Secretary, Audit Committee



                                Minutes of Meeting held on Tuesday, April 3, 2012
                                         at 2:36 p.m. in the Board Room


        In the absence of comments or objections to be notified to the Secretary (Mr. G. Berger,
ext. 81551) by 6:00 p.m. on May 22, 2012, the following Minutes will be deemed approved and so
recorded in the minutes of a subsequent meeting of the Committee, and publicly disclosed.




Distribution:

          Committee                                 For Information
          Mr. Cipollone                             Other Executive Directors and Alternates
          Mr. Fayolle                               President
          Mr. Manao                                 Bank Group Senior Management
          Ms. Mokate                                Vice Presidents, Bank, IFC and MIGA
          Mr. Prasad
          Mr. Solomon
          Mr. Studart
          Mr. Whitehead




This document has a restricted distribution and may be used by recipients only in the performance of their official duties. Its contents
may not otherwise be disclosed without World Bank Group authorization.
                                                                                          69035

                                      AUDIT COMMITTEE

FROM: The Secretary, Audit Committee

                        Minutes of Meeting held on Tuesday, April 3, 2012
                                 at 2:36 p.m. in the Board Room

Present:

Committee:
Ms. Mokate (Chair)
Mr. Cipollone
Mr. Fayolle
Mr. Prasad
Mr. Pribadi (Acting Alternate)
Mr. Solomon
Mr. Studart
Ms. Thompson (Acting Alternate)

Other Executive Directors and Alternates
Messrs./Mmes. Ambroise, Baeten, Banda, Bangura, Bor, Castro y Ortiz, Chan, Dufey, Feidieker, Ferry,
Garcia, Gooch, Hassan, Inaka, Meredov, Mirjalili, Moongananiyi, Morayani, Mufarrij, Mya, Nanu,
Ncube, Orlos, Ostos, Panov, Pasi, Pedro, Ruggerio, Sovala, Stolorz, Suescun, Szczuka, Tchatchouang,
Thakur, Treffers, Vumendlini-Schalk and Zang

Officers and Staff
Messrs./Mmes. Baroudi, Carre, Castro, Davies, Dhar, Frazier, Gorman, Kessler, Koch, Kopech,
Mierau-Klein, Park, Prouvost, Pulley, Quraishi, Sundararaman, Zhang and Berger (Committee Secretary)

External Auditor (KPMG)
Mr. Sweeney and Ms. Talan

FY12 Credit Risk and Loan Loss Provisioning - Interim Assessment

1.     The Committee discussed the paper FY12 Credit Risk and Loan Loss Provisioning - Interim
Assessment (SecM2012-0156). The highlights and conclusions of its discussion were circulated to the
Board (AC/GS2012-0012).

Record of Previous Approvals

2.      The Committee recorded its approval of the minutes of the meetings of August 1 (AC/XM2012-
0001), September 7 (AC/XM2012-0002), October 26 (AC/M2012-0001) and AC/XM2012-0003),
November 2 (AC/M2012-0002), November 9 (AC/XM2012-0004), November 16 (AC/M2012-0003) and
November 21, 2011 (AC/M2012-0004).

Date of Next Meeting

3.       The Committee was scheduled to meet jointly with the Budget Committee following this
meeting to discuss the FY13-15 Medium-Term Business and Finance Paper.

Adjournment

4.     The meeting adjourned at 3:30 p.m.