AUDIT COMMITTEE


FROM: The Secretary, Audit Committee


                        Minutes of Meeting held on Wednesday, May 10, 2017
                                   at 2:38 p.m. in the Board Room

Present

Committee
Ms. Kunene (Chair)
Mr. Almutairi (Alternate)
Mr. Bhuiyan (Alternate)
Mr. de Villeroche
Mr. Godts
Mr. Heemskerk
Mr. Mills (Temporary Alternate)
Mr. Yang

Other Executive Directors and Alternates
Messrs./Mmes. Ansorena Montero, Bakaniceva, Catzaras, Dravniece, Engozogo Mba, Filartiga Cantero,
Fujii, Gruber, Hoettcke, Lestari, Milambo, Mufarrij, Mota Pinto, Myers, Nili, Stevens, Tazaki, Trepanier,
Yadav and Yeom Zhang

Officers and Staff
Messrs./Mmes. Bravery, Cumming, Frazier, Guimaraes, Kumar-Capoor, Levy, Lauwers, Obuya,
O’Connell, Paolucci, Pyfrom, Venner and Yew. Jarik (Committee Secretary)

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


IBRD/IDA, IFC and MIGA Financial Statements as of March 31, 2017 (Unaudited)

    1. The Committee discussed the quarterly financial statements (unaudited): (i) MIGA Condensed
       Quarterly Financial Statements - March 31, 2017 (Unaudited) (AC2017-0012), (ii) IFC Draft
       Management's Discussion and Analysis and Draft Condensed Consolidated Financial Statements
       - March 31, 2017 (Unaudited) (AC2017-0013), (iii) IBRD and IDA Management's Discussion &
       Analysis and Condensed Quarterly Financial Statements - March 31, 2017 (unaudited) (AC2017-
       0014) and the KPMG (External Auditors) Presentation on World Bank Group FY17 Q3 Audit
       (AC2017-0016/1). The WBG Controller’s Presentation: FY17 Q3 Financial Results: March 31,
       2017 (AC2017-0015) served as background information for the discussion. A report from the
       Committee to the Board will be prepared.

Proposed Pre-Approval of Audit-Related Services to be Performed by KPMG

    2. The Committee discussed the document entitled Proposed Pre-Approval of Audit-Related
       Services to be Performed by KPMG (AC2017-0011). A report from the Committee to the Board
       was prepared.
                                               2


Date of Next Meeting

   3. The next meeting of the Committee was scheduled for May 17, 2017.

Adjournment

   4. The meeting adjourned at 5:12 p.m.