How are the members of The External Audit Committee (EAC) of the IMF chosen or elected?

The External Audit Committee (EAC) has three members, all of whom are independent of the IMF and its Executive Board. The EAC reports to the Board of Governors and is responsible for the oversight of the IMF's external audit, internal audit, financial accounting and reporting, risk management and internal control functions. EAC members each have the accounting and financial expertise required to fulfill the EAC's oversight responsibilities.


The IMF describes what the EAC does; however, I could find very little about the process of choosing its members or how they're elected. The IMF claims that the EAC is independent, but because the process of choosing or electing its members aren't described, we cannot know how fully independent the EAC truly is.


The EAC is appointed by and reports to the Board of Governors. There is probably a conventional process for choosing auditors. (form a hiring team from the Executive Board, who investigate potential candidates ... which then make a recommendation to the board, and that recommendation can be accepted or rejected)

The three members of the EAC are selected by the Executive Board and appointed by the Managing Director. Members serve three-year terms on a staggered basis and are independent of the IMF. (source p.62)

By "Independent" the IMF means "Independent of the Executive board" and, once appointed, the EAC is free to make any recommendation. The members of the EAC are not drawn from among the accountants at the IMF, but from specialists who "have significant experience in international public accounting firms, the public sector, or academia"

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