AUDIT COMMITTEE

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FROM: The Secretary, Audit Committee


                     Minutes of Meeting held on Wednesday, October 24, 2012
                                 at 2:38 p.m. in the Board Room


Present

Committee
Ms. Mokate (Chair)
Mr. Alvarez (Acting Alternate)
Mr. Cipollone
Mr. Julia (Alternate)
Mr. Pribadi (Acting Alternate)
Mr. Solomon
Mr. Tareque (Alternate)
Mr. Whitehead

Other Executive Directors and Alternates
Messrs./Mmes. Alkhudairy, Al-Sheikh, Baeten, Bor, Cassidy, Castro y Ortiz, Dufey, Feidieker, Gooch,
Han, Hassan, Inaka, Lutfi, MacDonald, Maor Shavit, Mirjalili, Moongananiyil, Mufarrij, Orlos, Pang,
Panov, Pedro, Rissmann, Ruggiero, Sandhu, Schneller, Souvannachoumkham, Szczuka, Thakur,
Thompson, Ubelis, Wang and Zang

Officers and Staff
Messrs./Mmes. Betancourt, Brady, Ceran, Diagne, Frazier, Hallouda, Keicho, Klein, Kopech,
Kumar-Capoor, Moustafa, Murugan, Peret, Quraishi, Roex, Shyam-Sunder, Sundberg, Verheyen, Wegner
and Berger (Committee Secretary)

External Auditor (KPMG)
Messrs. McFaddin, Stephens and Ytzen


Internal Audit Vice Presidency (IADVP) – Draft FY12 Annual Report

1.      The Committee discussed the Internal Audit Vice Presidency (IADVP) – Draft FY12 Annual
Report (AC2012-0053). The highlights and conclusions of its discussion were circulated to the Board
(AC/GS2012-0038).

MIGA’s FY12 Review of Guarantee Portfolio, Risk Management and Capital Adequacy

2.      The Committee discussed the MIGA’s FY12 Review of Guarantee Portfolio, Risk Management
and Capital Adequacy (AC2012-0055). The highlights and conclusions of its discussion were circulated
to the Board (AC/GS2012-0032).

Proposed Changes to MIGA's Policies and Operational Regulations

3.      The Committee discussed the Proposed Changes to MIGA's Policies and Operational
Regulations (AC2012-0044). The highlights and conclusions of its discussion were circulated to the
Board (AC/GS2012-0031).
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Date of Next Meeting

4.     The Committee was scheduled to meet on October 31, 2012.

Adjournment

5.     The meeting adjourned at 5:02 p.m.