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Terms of references
Committee of Financial Experts (COFE) Formed by Iraqi
Council of Ministries decision no. 2127 dated 22/10/2006
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Introduction
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Objectives of COFE
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Committee members
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CVs
of Committee members
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Voting in COFE
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COFE' S Responsibilities
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COFE' S Authorities
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Administrative Matters
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Working plan of
cofe-2009
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Working plan of cofe-2010
1.
Introduction
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- The United Nation
Security Council issued successive resolutions starting
with resolution (1483)/2003 and ending with resolution
(1723)/2006. These resolutions contained the
establishment and continued functioning of the
International Advisory and Monitoring Board (IAMB) to
carry out oversight responsibilities on cash flows of
Iraq's oil revenues and the Development Fund of Iraq (DFI). IAMB
mandate will end on 31.12.2007, and on the basis of a
recommendation from IAMB to H.E. the Prime Minister of
Iraq, supported by the Minister of Finance and the
president of Board of Supreme Audit (BSA), the Council of
Ministers, agreed at its meeting held on 19.10.2006 to
establish a committee named The Committee of Financial
Experts (COFE), to undertake a similar role as the IAMB
after its cessation.
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Objectives of COFE
To ensure effective control over oil revenues, and their
receipt and spending to be in an equitable and
transparent manner through the state budget, and to
ensure appropriate audit and internal control procedures
in relation to oil revenues.
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Committee members
1.
The COFE is independent from
administrative and supervisory bodies and is chaired by the
President of BSA – in addition to his post – with two
independent members. The members must be of high technical
qualifications and capabilities in the field of accounting
and auditing and they are appointed by the Council of
Ministers on Joint nomination by the Minister of Finance and
the president of BSA. The chair of COFE is authorized to
name two financial experts to participate in the work and
deliberations of COFE and who must have the same
qualifications and professional qualities as the members but
do not have the right to vote.
2.
The duration of membership in COFE
is three years extendable for a further one mandate only.
4.
CVs of Committee members
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Dr. Abdul Basit Turki Saeed,
Head of Board of Supreme Audit (BSA) and Committee of
Financial Experts (COFE)
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Dr.Saeed
earned a Bachelor degree of Arts in Economy, from
College of Management and Economy, Al Mustansirya
University in 1976, he earned his master degree in
Economy in 1981 from the same college and same
University, in 1996 he earn his PhD degree in Public
Finance from the same College and University. Dr. Saeed
worked as attaché in the Ministry of Foreign Affairs
between 1973 and 1979. He worked in the Ministry of
Finance between 1979 and 2001, between 2001 and 2003 he
worked as expert in the economic directorate in the
presidency Bureau. in 2003 he worked as expert in the
Ministry of Finance. Between 2004 and 2005 he was
assigned a Minister in the Ministry of Human rights, he
resigned from this position in mid 2005, he was assigned
as Head of BSA since October 2005. He is the Head of
Council of Supervising the Audit Profession in Iraq, a
member of Joint Council of Anti- corruption since 2006,
a member of the Committee of Economical Affairs in the
Cabinet since 2005, Head of COFE since 2006. He lectured
in different Universities in Iraq, Supervised and still
supervising a number of postgraduate students (PhD and
Msc) in different Universities.
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Adel Al-Hasson, Representative from the Government of
Iraq, member of coffee
Mr. Adel Al-Hasson earned a Bachelor of Arts in
Economics and Commerce (1963) and a Higher Diploma in
Accounting and Auditing (1973) from the Baghdad
University. Mr. Al-Hasson was General Manager and then
Deputy President of the Board of Supreme Audit (BSA)
between 1973 and 1990, Head of the State Oil Marketing
Organization (SOMO) in 1991, and Chief of the Committee
of Experts for Free Zone Areas in Iraq between 1998 and
2003. Mr. Al-Hasson has participated in drafting a
number of financial laws and preparing important
accounting systems. Mr. Al-Hasson presently owns an
auditing and accounting practice in Iraq, is Chairman of
the Board of Trustees of the Arab Institute of Chartered
Accountants and acts as a financial advisor to a number
of economic organizations in Iraq.
Aras Ibrahem
Mr.Aras Ibrahem earned a Bachelor Of Arts degree in
commerce anaccounting(1973) and a Higher Diploma in
accounting and auditing(1979) from Baghdad university.
Mr.Ibrahem worked in the Iraqi board of supreme audit in
the years 1973-1999 during which Mr. Ibrahem held
various auditing posts ending with a senior managerial
position.During the same period Mr. Ibrahem was a part
time lecturer at various universities in Baghdad and
supervised a number of theses for students aspiring to
obtain higher degrees in accounting and auditing
Mr.Ibrahem presently own an accounting and auditing
practice in Iraq and amongst its clientele many private
companies and enterprises as well as a number branches
of non-Iraqi entities operating in Iraq
Izziddin Al-Bahrani, Alternate Representative from the
Government of Iraq
Mr. Al-Bahrani earned a Bachelor of Arts in Economics,
Law and Accounting from the University of Wales in the
UK in 1957. Mr. Al-Bahrani has been a member of the
Institute of Chartered Accountants in England & Wales
since 1962. He held senior financial posts in the oil
sector in Iraq between 1963 and 1976, was Deputy
Governor of the Central Bank of Iraq (CBI) between 1976
and 1982 and a Financial Advisor to the Minister of
Finance between 1982 and 1984. Since 1984, Mr.
Al-Bahrani has been a sole owner of an accounting and
auditing practice in Iraq.
Khalid Jassim Hasson Al Ameri
Mr. Al Ameri earned a Bachelor Degree in accountancy fro
the College of Commerce and Economy, Baghdad University
in 196, a Higher Diploma (Charter Accountant) in 1975
from Baghdad University. Since his graduation, between
1968 and 2008 Mr. Al Ameri worked in BSA and held
different posts ending with General Director. He joint
COFE as an expert in 2009
Layla Al Asadi, Expert Committee of Financial Experts
(COFE)
Ms. Al –Asadi earned a Bachelor
degree in accountancy and business management, from
College of Commerce, University of Baghdad in 1971.
Between 1971 and 1981, Ms. Al Asadi worked as accountant
for the Iraqi Trade Company, during the years 1981 and
2008 she joint the Board of Supreme Audit and held
different posts ending with senior director. In 2009 Ms.
Al Asadi joint COFE as an expert.
5.
Voting in COFE
1.
COFE shall meet periodically as
called for by its chair. The period between any two meetings
should not exceed two months as maximum.
2.
Quorum is achieved by the presence
of two members. Voting is by consensus and in case of equal
voting; the side of the chair prevails.
3.
COFE may invite others to attend
its meetings and who have relations with COFE and at the
discretion of the chair.
4.
The financial experts appointed as
per para.(1) of (III) above shall attend COFE's meetings but
with no right to vote.
6.
COFE's
responsibilities
COFE is directly
responsible to the Council of Ministers and to whom it
reports to carry out the following duties:
1.
Approval of the appointment of
the independent external auditors to audit cash flows of
oil revenues.
2.
Receipt and evaluation of the
reports of the independent external auditor in relation
to oil revenues received and the financing of the
spending of the various ministries through the General
Budget. In addition, receipt of Board of Supreme Audit
reports on spending by the ministries of oil revenues
allocated to them and submission of evaluation of audit
results to the Council of Ministers and to other related
parties as COFE deem appropriate.
3.
Follow up implementation of
information systems and internal control procedures
relating to oil revenues.
4.
Public exposure in a complete
transparency of the statements related to cash flows of
oil revenues, the reports of the external auditors and
those of BSA as soon as received and at appropriate
times.
5.
COFE as it deems necessary may
initiate special audit related to COFE's
responsibilities and after consultation with the
Minister of Finance.
6.
COFE sets the aims and the
scope of work of the auditors in accordance with
international financial reporting standards.
7.
Review of effectiveness of the
internal controls to achieve compliance with laws.
Resolutions and instructions related to oil proceeds
account and follow up cases of non- compliance.
8.
Take any other measures to
achieve COFE goals.
7.
COFE's authorities
1.
COFE has the right to review
the financial records covered by the audits, which it
oversees within its responsibilities. COFE is also
authorized to contact personnel connected with its
responsibilities including the external auditors and BSA
auditors and other personnel whose work is covered by
audit in so far as related to COFE's responsibilities
and COFE shall establish works procedures to this end
and ensuring confidentiality by all involved.
2.
The chair of COFE has the
authority to spend within the special budget approved
for COFE and financed from the State General Budget.
This authority covers all COFE's activities including
members salaries, financial experts, the secretariat and
other administrative expenses, audit fees to the
external auditors appointed by COFE and also
professional fees for the special audits which COFE
decides to carry out.
3.
The chair of COFE may issue
accounting instructions to regulate spending of the
amounts allocated in COFE's budget.
4.
The chair may delegate part of
his financial authorities to other members of COFE or
its staff.
8.
Administrative Matters
1.
A secretariat to COFE shall be
established to tend logistical support including
maintenance of minutes of meetings, archives and making
contacts with members, experts and other parties related
to COFE's work.
2.
A suitable person shall be
appointed the accountant of COFE and whose duties shall
include monthly reporting to the chair about COFE's
expenses.
3.
All expenses must be properly
documented and will be subject to audit by a special
committee from BSA.
4.
The chair will submit to the
Council of Ministers and annual financial report
detailing COFE's expenditure during the year for
information and the Councils' approval to publish the
financial report.
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