United States Government Publishing Office publisher pbl distributor dst United States Government Accountability Office author aut Government Organization text government publication eng GAOREPORTS Legislative Agency Publications gao legislative 2010-08-12 U.S. Government Printing Office 2001-12-14 monographic deposited born digital 49 p. GA 1.13:GAO-02-27 https://www.govinfo.gov/app/details/GAOREPORTS-GAO-02-27 P0b002ee180378e05 f:d0227 DGPO 2010-08-12 2011-03-24 GAOREPORTS-GAO-02-27 machine generated eng fdlp REPORT GAOREPORTS-GAO-02-27 GAO-02-27 Developing countries Federal aid to foreign countries Bank examination Reporting requirements Financial statement audits Accounting standards Internal controls Strategic planning African Development Bank Group Asian Development Bank European Bank for Reconstruction and Development Inter-American Development Bank Multilateral Development Banks African Development Fund Asian Development Fund Other Written Product A02571

: Multilateral Development Banks (MDBs) provide financial support to promote social and economic progress in developing countries and the countries of central and eastern Europe and the former Soviet Union. Under the Foreign Operations, Export Financing, and Related Programs Appropriations Act of 2001, the United States is providing $1.3 billion to support the MDBs, with $460 million going to the regional development banks and $840 million going to the World Bank Group. All of the MDBs GAO reviewed have received unqualified or "clean" opinions on their external audits. The MDBs' financial statements show their financial position at a point in time and the financial results of operations and cash flows for a given fiscal year. However none of the MDBs GAO reviewed are required to report on their internal control over financial reporting, lending operations, or compliance with their governing charters or policies. In addition, the regional MDBs' external financial statement audits are not intended to, and do not, provide assurance about internal controls over the MDBs' lending operations and whether funds are spent for intended purposes. Most of the regional MDBs that GAO looked at have developed anti-corruption strategies that recognize the importance of strong internal control systems. Each of the regional MDBs GAO studied has established internal audit functions as part of their control environment. https://www.govinfo.gov/content/pkg/GAOREPORTS-GAO-02-27/html/GAOREPORTS-GAO-02-27.htm https://www.govinfo.gov/content/pkg/GAOREPORTS-GAO-02-27/pdf/GAOREPORTS-GAO-02-27.pdf GAO-02-27 https://www.govinfo.gov/app/details/GAOREPORTS-GAO-02-27 Other Written Product GAO-02-27; Regional Multilateral Development Banks: External Audit Reporting Could Be Expanded; Developing countries Federal aid to foreign countries Bank examination Reporting requirements Financial statement audits Accounting standards Internal controls Strategic planning African Development Bank Group Asian Development Bank European Bank for Reconstruction and Development Inter-American Development Bank Multilateral Development Banks African Development Fund Asian Development Fund Title 31 Section 3512 31 U.S.C. 3512 Public Law 106-429