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Safeguards Assessments of Central Banks (SAC)

Course Number: ST 07.07
Dates: May 14 - 22, 2007
Application deadline: NA
Attendance: By Invitation

Course Description:

This seven-day course, presented by the IMF’s Finance Department, is designed for senior central bank staff responsible for accounting, auditing, risk control, statistical, or reserve management operations in the bank. The course explains the IMF’s approach to assessing the safeguards in place in the central banks of countries that borrow from the IMF. The purpose of safeguards assessments is to identify possible vulnerabilities in a central bank’s accounting, financial reporting, auditing procedures, control systems, and legal framework that may pose undue risks to the central bank’s resources, including IMF disbursements. The aim of the assessments is to provide reasonable assurance that, if significant vulnerabilities in these areas are identified, steps to rectify them are developed and implemented.

The course provides participants with the knowledge and tools required to conduct a basic safeguards assessment of their own central banks. The course includes both lectures and workshops concerning the key areas of assessment, including:

  • the external audit mechanism;
  • financial reporting;
  • the internal audit mechanism;
  • the system of internal controls;
  • management of international reserves; and
  • reporting of monetary data under Fund-supported programs.

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