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April 23, 2004
The International Advisory and Monitoring Board (IAMB) on Iraq met at the United Nations, in New York City on April 22–23, 2004 and issued the following statement:
"The IAMB welcomed the Iraqi Governing Council observer Professor Mahdi Hadi Al-Kafaji and the US observer, Mr. Cameron Leuthy. The IAMB also welcomed representatives from the CPA, and Mr. Ihsan Ghanim, invitee representing the Iraq Board of Supreme Audit.
"During the meeting the IAMB received a useful briefing from KPMG, the external auditor for oil export sales and operations of the Development Fund for Iraq (DFI). KPMG was represented by their lead international partners on the engagement from Baghdad, New York and London. KPMG briefed the IAMB on its progress in planning the audits of (i) export sales of oil, petroleum products and natural gas from Iraq; (ii) the "Oil Proceeds Receipts Account"; (iii) the DFI financial statements; and (iv) the disbursements of resources from the DFI and the assessment of internal controls of the recipients of DFI resources. The IAMB noted KPMG's commitment to utilize an Advisory Team for the audit, comprising (i) international experts in energy and natural resources, International Financial Reporting Standards, Government and NGO audits, and forensic accounting, and (ii) the Iraq Board of Supreme Audit and the Inspectors General. The IAMB looks forward to continuing working with KPMG on the timely completion of these audits.
"The IAMB confirmed its mandate to oversee audits of oil export sales and the operations of the DFI through end-June 2004. Such audits will be completed by KPMG during the second half of 2004 and the IAMB will continue to monitor this work. Noting the expected changes to governing arrangements in Iraq after June 30, 2004, the IAMB looks towards the international community for further guidance on its possible role with regard to the DFI and the conduct of oil exports post June 30, 2004.
"The IAMB welcomed an update by the CPA on the latest DFI activities. In this context, the IAMB followed up on its earlier request to access audits of sole-sourced contracts funded by the DFI, including those by the Defense Contract Audit Agency. Based on the outcome of this enquiry, the IAMB will decide whether a special audit of sole-sourced contracts is warranted.
"The IAMB will update the Secretary-General of the United Nations on its activities to facilitate his report to the Security Council, as mandated by UNSCR 1483.
"The next meetings of the IAMB are tentatively scheduled for May 24-25 and June 21-22."