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October 14, 2004
The International Advisory and Monitoring Board (IAMB) on the Development Fund for Iraq (DFI) met on October 11-12, 2004, and issued the following statement:
"The IAMB has been presented with the final reports by KPMG in regard of the audits of the oil export sales and the DFI operations. These reports cover the period from January 1, 2004 to June 28, 2004 and supplement earlier reports covering the period from May 23, 2003 to December 31, 2003. The audits were conducted under the oversight of the IAMB, in line with its mandate under UN Security Council Resolution 1483, and are available on the IAMB website (www.iamb.info). The IAMB will issue a report summarizing its comments and conclusions after due consideration and review of these reports.
"The IAMB has previously announced its concern about the use of non-competitive contracting using DFI resources. The US Government provided the IAMB with information on audits of sole-sourced contracts by the Defense Contract Audit Agency. The US Government has also agreed to commission a special audit of sole-sourced contracts in accordance with terms of reference agreed with the IAMB. This special audit will (i) determine the extent of sole-sourced contracts using DFI resources; (ii) summarize the findings of audits that have already been conducted by various US government audit agencies; and (iii) determine whether any such contracts have not been the subject of audits. The results of the audit will also be made public.
"The IAMB also reiterated its request to receive access to audit reports on the review of controls in the State Oil Marketing Organization (SOMO) by KPMG, which was commissioned by the CPA in February 2004.
"The IAMB is pleased to note that the Interim Government of Iraq is initiating the contracting and selection process of an audit firm to audit the oil export sales and DFI operations from June 29, 2004 in accordance with UNSCR 1546. The terms of reference of the audit and the request for proposals will be posted on the Iraqi Ministry of Finance website and on the IAMB website (www.iamb.info). The nomination and appointment of the DFI external auditor is subject to approval by the IAMB.
"The next meeting of the IAMB is tentatively scheduled for December 6-7, 2004."
