Independent Auditors’ Report
- International Monetary Fund
- Published Date:
- September 2016
To the Board of Governors
of the International Monetary Fund Washington, DC
We have audited the accompanying statements of financial position as of April 30, 2014 and 2013, and the related statements of comprehensive income, changes m resources, and cash flows for the years then ended, and the related notes to the financial statements of the following entities of the International Monetary Fund:
- Povem Reduction and Growth Tryst (PRO Trust)
- Trust for Special Poverty Reduction and Growth Operations for the Heavily Indebted Poor Countries and interim LCF Subsidy Operations PRG-HIPC Trust) and related Umbrella Account for UIPC Operations
- Multilateral Debt Relief and Initiative-II Trust (MDRMI Trust)
- Post-Catastrophe Debt Relief Trust (PCDR Trust) and related Umbrella Account for PCDR Operations.
Management’s Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements, collectively referred to as the “Concessional Lending and Debt Relief Trusts.” in accordance with the International Financial Reporting Standards as issued by the International Accounting Standards Board; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.
Our responsibility is to express an opinion on these financial statements based on our audits We conducted our audits in accordance with auditing standards generally accepted in the United States of America and with International Standards on Auditing. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of materiel misstatement of the financial statements, whether due to fraud or error, In making those risk assessments, the auditor considers internal control relevant to the Concessional Lending and Debt Relief Trusts’ preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Concessional Lending and Debt Relief Trusts’ internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management as well as evaluating the overall presentation of the financial statements
We believe that the audit evidence we have obtained .is sufficient and appropriate: to provide a basis for our audit opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Concessional Lending and Debt Relief Trusts of the International Monetary- Fund at April 30, 2014 and 2013, and the results of their operations and their cash flows for the years then ended in conformity with International Financial Reporting Standards as issued by the International Accounting Standards Board.
Report on Supplementary Information
Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole The supplemental schedules listed on pages 57 to 69 arc presented for the purpose of additional analysis and are not a required part of die financial statements These schedules are the responsibility of the Concessional Lending and Debt Relief Trusts’ management and were derived from and relate directly to the underlying accounting and other records used to prepare the financial statements Such schedules have been subjected to the auditing procedures applied in our audits of the financial statements and certain additional procedures, including comparing and reconciling such schedules directly to the underlying accounting and other records used to prepare the financial statements or to the financial statements themselves, and other additional procedures in accordance with International Standards on Auditing and auditing standards generally accepted in the United States of America. In our opinion, such schedules are fairly stated in ail material respects in relation to the statements taken as a whole.
July 7, 2014
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