INTERIM AUDIT COMMITTEE


FROM: The Secretary, Interim Audit Committee


                      Minutes of Meeting held on Wednesday, November 9, 2016
                                  at 2:32 p.m. in the Board Room

Present

Committee
Mr. Heemskerk (Chair)
Mr. Alkhudairy
Mr. Allford
Mr. Bhuiyan (Alternate)
Mr. Catzaras (Alternate)
Mr. McGuire
Mr. Pagano
Mr. Yang

Other Executive Directors and Alternates
Messrs./Mmes. Ansorena Montero, Bakaniceva, Dravniece, Engozogo Mba, Filartiga Cantero, Fujii,
Gruber, Happe, Maleka, Mills, Misyukovets, Ncube, Nili, O’Dea, Panov, Tazaki and Ulbaek,

Officers and Staff
Messrs./Mmes. Assalini, Dobrev, Frazier, Jain, Lauwers, Myers, Obuya, O’Connell, Venner and Yew.
Jarik (Committee Secretary)

KPMG (External Auditors)
Messrs./Mme. Craver, Frank, Mbogo and O’Brien


IBRD/IDA, IFC and MIGA Financial Statements as of September 30, 2016 (Unaudited)

1.      The Committee discussed the quarterly financial statements (unaudited): (i) MIGA Condensed
Quarterly Financial Statements – September 30, 2016 (Unaudited) (AC2016-0052), (ii) IFC Draft
Management's Discussion and Analysis and Draft Condensed Consolidated Financial Statements –
September 30, 2016 (Unaudited) (AC2016-0051), (iii) IBRD and IDA Management's Discussion and
Analysis and Condensed Quarterly Financial Statements – September 30, 2016 (Unaudited)
(AC2016-0053) and the KPMG (External Auditors) Presentation on World Bank Group FY17 Q1 Audit
(AC2016-0055). The WBG Controller Presentation on FY17 Q1 Financial Results – September 30, 2016
(AC2016-0054) served as background information for the discussion. A report from the Committee to the
Board will be prepared.

Date of Next Meeting

2.        The next meeting of the Committee will be announced.

Adjournment

3.        The meeting adjourned at 4:11 p.m.
                                                 2

                         The following items have been approved by the
                        Audit Committee on an Absence of Objection Basis
                           Between October 31 and November 2, 2016



Minutes of Previous Meetings

1.      The Committee recorded its approval on October 31, 2016 of the minutes of the meeting held on
July 13 and record of endorsements and approvals between June 17 and June 22, 2016 (AC/M2016-0014),
meeting held on August 2 and record of endorsement on July 27, 2016 (AC/M2016-0015) and minutes of
the meetings held on September 14 (AC/M2016-00016) and September 28, 2016 (AC/M2016-0017).

Minutes of Previous Meeting

2.     The Committee recorded its approval on November 2, 2016 of the minutes of the meeting held on
October 24 and record of endorsements and approvals between September 28 and October 5, 2016
(AC/M2016-0018).