ECCB
ANNUAL REPORT 2014/2015
38
EASTERN CARIBBEAN CENTRAL BANK
External Auditors
An external auditor is appointed by the Board of
Directors from a list of auditors approved by the
Monetary Council. The selection is done through a
process of tendering and due diligence review and the
auditor selected serves for three years. The auditing
firm of KPMG was appointed on 1 April 2013 to serve
as the external auditor for the Bank.
The external auditor conducts an annual audit to
provide the assurance that the financial statements
fairly represent the Bank’s financial position, and
reports to the Board Audit Committee on its findings
and recommendations.
I
ntegrity
and
F
inancial
R
eporting
Disclosure and Transparency
In keeping with international standards, the Bank
publishes its statement of assets and liabilities monthly
and the audited annual financial statements by the
end of June each year in accordance with statutory
requirements.
Approved transparency practices for monetary policy
at the ECCB are published on the Bank’s website.
Compliance with International
Financial Reporting Standards
The Bank has been in compliance with the International
Financial Reporting Standards (IFRS) since the
beginning of the 2004 financial year. These standards
are issued by the International Accounting Standards
Board (IASB) and are authoritative pronouncements
on how transactions and events should be reflected in
financial statements.
C
ode
of
C
onduct
The Bank’s overriding code of conduct is encapsulated
in its value statement as follows: “The Bank values a
results-focused approach in delivering timely, relevant
and high quality output for the benefit of the people of
the ECCU.” The behaviour of management and staff
is governed by various policy documents including:
•
•
The Eastern Caribbean Central Bank Corporate
Governance Charter;
•
•
Media Relations Policy;
•
•
Information Systems and Security Policy;
•
•
Eastern Caribbean Staff Regulations;
•
•
Training and Staff Development Policy;
•
•
The ECCB’s Guide – Protocol, Diplomacy and
Etiquette;
•
•
The ECCB’s Guide – Effective Communication;
•
•
The ECCB’s Guide – Successful Meetings and
Events Management; and
•
•
Energy Management Policy.
Human Resource Management
The Bank is subject to the labour codes and laws of each
of its member countries. The oversight of the Bank’s
human resources is delegated to the Human Resource
Department. The management of human resources is
informed by polices and guidelines which conform
to international conventions and standards pertaining
to human rights, equal employment opportunity and
working conditions. The Internal Audit Department
helps to maintain the integrity of the human resource
management process by ensuring the Bank complies
with stipulated policies and procedures.
