YouSaid · the spoken record

Sach

lines on the record
20
first
2007-12-18
most recent
2008-06-13
sittings or episodes
2
sources
un-security-council

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  1. “The IAMB therefore agreed that such a briefing be done by the Secretary-General's representative to the Security Council in New York. That completes my briefing on the work of the IAMB. I will be happy to respond to any questions by members of the Council.”

    2008-06-13 · UN Security Council · Security Council, S/PV.5910 (2008) · source

  2. “At its twenty-third meeting, in May 2008, the IAMB was provided an update on the status of the procurement for the 2008 audit of the DFI. Given the satisfactory work performed by the current auditors, the representative for Iraq sought the IAMB's approval for the Government of Iraq to negotiate with the current auditor, Ernst & Young, for a third term. The IAMB unanimously approved the recommendation. I would now like to refer to the previous request, made at the Security Council's 5808th meeting, for a briefing in Washington, D.C., of the representatives of the Council's member States. That matter was put before the IAMB, and the IAMB reiterated its earlier position that, as has been the practice, individual representatives on the Board should brief their respective organizations in an individual capacity.”

    2008-06-13 · UN Security Council · Security Council, S/PV.5910 (2008) · source

  3. “The IAMB reiterated its concerns that barter transactions have not been accounted for in the DFI as required by resolution 1483 (2003). All of that notwithstanding, I am pleased to note that the IAMB was informed that the particular barter arrangement that had been taking place with a neighbouring country had ceased as of 31 December 2007. The results of the audits in 2007 indicate that, while many efforts are being made, sometimes at great personal sacrifice, the overall financial system of controls in place in the spending ministries, in the United States agencies' handling of outstanding commitments using DFI resources and in the Iraqi administration of DFI resources remain deficient overall, and financial management reforms need to be pursued further.”

    2008-06-13 · UN Security Council · Security Council, S/PV.5910 (2008) · source

  4. “While some reduction in bartering occurred since 2004, following the allocation of Iraqi budget funds to import light petroleum products, the Iraqi State Oil Marketing Organization continued to undertake bartering in 2007. The use of barter transactions makes it difficult to determine whether fair value has been received for Iraq's oil export revenues. Moreover, as no revenues are generated from such barter or other in-kind deals and the notional value of such transactions are not recorded against the DFI, the IAMB is of the view that they could be inconsistent with the provisions of resolution 1483 (2003), which requires that all Iraqi oil export sales be deposited into the DFI and the United Nations Compensation Fund.”

    2008-06-13 · UN Security Council · Security Council, S/PV.5910 (2008) · source

  5. “While the Government of Iraq supports oil metering, progress has been slow. Some metering has been installed at some oil terminals, but there continues to be no metering in the oil fields. In its previous reports, the IAMB welcomed the key steps taken to curtail smuggling. It believes that a system of metering, as recommended earlier by the IAMB, would go a long way towards improving overall controls. At its meeting in Kuwait, the IAMB was informed orally of the steps being taken to address the matter. The IAMB continues to View this matter as urgent, especially in the light of the auditors' report that showed unreconciled differences related to production, export sales and internal consumption. The IAMB continued to be concerned that barter transactions were not accounted for in the DFI as required under resolution 1483 (2003).”

    2008-06-13 · UN Security Council · Security Council, S/PV.5910 (2008) · source

  6. “The IAMB welcomed the progress made in 2007 to strengthen the financial and administrative controls over the use of DFI resources in the spending ministries. The IAMB also noted that some progress had been made with the establishment, in 2007, of an Iraqi committee to address external audit management letters in cooperation with the BSA. However, there continued to be a lack of substantial progress in internal control matters in Iraq. The IAMB found that further measures to strengthen the internal control framework were necessary. The IAMB recommended, in March 2004, the expeditious installation of a comprehensive oil metering system in Iraq in accordance with standard oil industry practices. Oil metering is a key factor in achieving financial transparency and accountability over oil resources in Iraq.”

    2008-06-13 · UN Security Council · Security Council, S/PV.5910 (2008) · source

  7. “During the May 2008 meeting the IAMB was also briefed by the auditors on the status of the implementation of the previously identified recommendations. Less than a 15 per cent implementation rate of audit recommendations was reported with respect to the spending ministries. The IAMB was concerned at the rate of implementation of the prior recommendations and urged the BSA, with the help of the COFE, to set up a concrete plan of action to ensure the implementation of the recommendations. The Iraqi representative to the IAMB, the President of the BSA and the COFE all briefed the IAMB throughout 2007 and during the last two meetings in 2008 on progress in implementing earlier IAMB recommendations and in strengthening the overall framework for public financial management in Iraq.”

    2008-06-13 · UN Security Council · Security Council, S/PV.5910 (2008) · source

  8. “At its meeting held in May 2008 in Kuwait, the IAMB received a presentation on the draft audit report of the DFI. That presentation, which covered the audit period 1 January to 31 December 2007, is also posted on the IAMB website. While highlighting some improvements in various areas, especially in access to spending ministries, the report also highlighted again the previously identified weaknesses in internal controls. Those weaknesses include incomplete record-keeping at the Ministry of Finance, the lack of a comprehensive oil metering system, the sale of oil and oil products outside of the DFI, incomplete contract information associated with the United States agencies' contracts and bartering.”

    2008-06-13 · UN Security Council · Security Council, S/PV.5910 (2008) · source

  9. “Since my last briefing to the Council, the IAMB has met two times, making a total of 23 meetings since its inception in December 2003. It has approved the appointment by the Government of Iraq of independent public accountants as the external auditors. It has reviewed the periodic audit results and requested and approved special audits. The results of the work of the IAMB are available on its website at www.iamb.info. Under its mandate, in 2007 and 2008 the IAMB oversaw two audits of the DFI, covering the calendar years 2006 and 2007. Those audits were conducted by an international accounting firm, Ernst & Young, and covered oil export sales, the accounting for the proceeds from oil export sales, DFI financial statements and disbursements procedures for DFI resources, to ensure that funds are used for the purposes intended.”

    2008-06-13 · UN Security Council · Security Council, S/PV.5910 (2008) · source

  10. “The IAMB helps to ensure, first, that the DFI is used in a transparent manner for the benefit of the people of Iraq and, secondly, that export sales of petroleum, petroleum products and natural gas from Iraq are made consistent with prevailing international best market practices. The IAMB provides independent and international oversight of the operations of Iraqi oil export revenues and of the use of the Fund resources. Thus the IAMB functions as the audit oversight board of the DFI and has as its members representatives from the Arab Fund for Economic and Social Development, the International Monetary Fund, the Government of Iraq, the United Nations and the World Bank. The IAMB continues to involve the Iraqi Board of Supreme Audit (BSA) and the Committee of Financial Experts (COFE) in its work to ensure continuity.”

    2008-06-13 · UN Security Council · Security Council, S/PV.5910 (2008) · source

  11. “The Development Fund for Iraq, established under resolution 1483 (2003), holds the proceeds of petroleum export sales from Iraq, as well as the transferred balances from the United Nations oil-for- food programme and other frozen Iraqi funds. From inception to 31 December 2007, the IAMB has been informed that approximately $106.3 billion has been deposited in the Development Fund for Iraq from the sale of oil and oil products. The sum of $10.4 billion has also been deposited with the DFI from the balance of the oil-for-food funds held under escrow by the United Nations, and a further $1.5 billion has been deposited as proceeds from frozen assets.”

    2008-06-13 · UN Security Council · Security Council, S/PV.5910 (2008) · source

  12. “Mr. Sach: As the designated representative of the Secretary-General on the International Advisory and Monitoring Board (IAMB), I should like to thank the Council for giving me the opportunity once again to brief it on the work of the Board. In my December 2007 briefing (see S/PV.5808) it was recalled that the IAMB was established to fulfil the mandate set forth in resolution 1483 (2003). This mandate has subsequently been extended under resolutions 1546 (2004), 1637 (2005), 1723 (2006) and 1790 (2007). Resolution 1790 (2007) also extended the immunity of the Development Fund for Iraq (DFI) until 31 December 2008.”

    2008-06-13 · UN Security Council · Security Council, S/PV.5910 (2008) · source

  13. “The Iraqi Council of Ministers has established a Committee of Financial Experts to prepare for the time when the Board's functions will need to be undertaken solely by the Government of Iraq, upon the dissolution of the IAMB. The Committee has participated in the IAMB's activities and has worked alongside the Board to oversee the 2007 interim audit. The Committee has also participated in the two most recent meetings of the Board, held in June and November 2007. With regard to the ongoing audits, the External Auditor is acting under the terms of reference agreed at the June 2007 meeting. Accordingly, it is anticipated that the Board will receive the results of the 2007 audit during the first half of 2008 and, at that time, will review the reports accordingly. That completes my briefing.”

    2007-12-18 · UN Security Council · Security Council, S/PV.5808 (2007) · source

  14. “The Board has welcomed a number of controls that have been put in place and has called for the Government of Iraq to enhance these measures to curtail smuggling. Fifthly, the Board objected to certain contractual practices using DFI funds. A series of special audits, commissioned at the request of the Board, revealed a 07-65065 number of exceptions from normal procurement procedures. Sixthly, subsequently, other audit reports, including those produced by the Board of Supreme Audit, the United States Government Accountability Office and the United States Special Inspector General for Iraq Reconstruction, also pointed to similar weaknesses and confirmed the concerns expressed by the Board. I now turn to the Committee of Financial Experts.”

    2007-12-18 · UN Security Council · Security Council, S/PV.5808 (2007) · source

  15. “While some reduction in bartering occurred in 2004 following the allocation of Iraqi budget funds to import light petroleum products, SOMO continues to undertake barter transactions. Thirdly, there are inadequate controls over expenditures. The external audit reports received by the IAMB were critical of the financial and accounting controls put in place by the spending ministries, as well as the United States agencies using DFI funds. While the Board welcomed steps already taken by the Government of Iraq, it remains concerned about significant unresolved control deficiencies. Fourthly, some of Iraq's oil resources were not accounted for in the DFI and were smuggled. Without a comprehensive oil metering system, it is difficult to control smuggling.”

    2007-12-18 · UN Security Council · Security Council, S/PV.5808 (2007) · source

  16. “The Board recommended that a comprehensive oil metering system be installed to achieve financial transparency and accountability. The Government of Iraq has since installed some meters at some oil terminals, including the Basra oil export terminal, as part of the project to establish a countrywide metering system for the flow of oil, gas and fuel products. Overall progress has been slow, and there is still no comprehensive metering at oil fields, storage facilities or refineries. The second major issue is the use of barter transactions. Barter transactions of oil for electricity with a neighbouring country were recorded by the State Oil Marketing Organization (SOMO) but were not accounted for in the DFI as required by Security Council resolution 1483 (2003).”

    2007-12-18 · UN Security Council · Security Council, S/PV.5808 (2007) · source

  17. “In terms of findings, the Board early on identified major issues in contracting practices and pointed towards the lack of oil metering as a key element with respect to the establishment of controls over oil revenues. The Board promoted the strengthening of 07-65065 controls in Iraq over oil export revenues and their use and complemented the work of others, including the Board of Supreme Audit and the United States Special Inspector General for Iraq Reconstruction. The IAMB has identified significant control weaknesses related to oil revenues. These have already been reported in previous reports and briefings, and they included weak controls in place over Iraq's oil export revenues and the spending ministries. The major issues reported include, first, the absence of oil metering.”

    2007-12-18 · UN Security Council · Security Council, S/PV.5808 (2007) · source

  18. “Thus, the Board functions as the audit oversight board for the DFI and has as its members representatives from the Arab Fund for Economic and Social Development, the International Monetary Fund, the Government of Iraq, the United Nations and the World Bank. The Board also involved the Iraqi Board of Supreme Audit in its work at an early stage to ensure continuity. I now turn to the work of the Board. The Board has met 21 times since December 2003 and has approved the appointment by the Government of Iraq of independent public accountants as the external auditors. It has reviewed the periodic audit results and requested and approved special audits. The results of the Board's work are available on its website, www.iamb.info.”

    2007-12-18 · UN Security Council · Security Council, S/PV.5808 (2007) · source

  19. “From inception to 31 December 2006, the Board has been informed that about $70.4 billion has been deposited from the sale of oil and oil products. Another $10.2 billion has been deposited with DFI from the balance of the oil-for-food funds held under escrow by the United Nations, and a further $1.5 billion has been deposited as proceeds from frozen assets. The Board helps to ensure that, first, the DFI is used in a transparent manner for the benefit of the people of Iraq and that, secondly, export sales of petroleum, petroleum products and natural gas from Iraq are made consistent with prevailing international market best practices. The Board provides independent and international oversight of the operations of Iraqi oil export revenues and of the use of DFI resources.”

    2007-12-18 · UN Security Council · Security Council, S/PV.5808 (2007) · source

  20. “Mr. Sach: Mr. President, as the Secretary- General's designated representative on the International Advisory and Monitoring Board (IAMB), I should like to thank you for the opportunity to brief the Council on the work of the Board. The IAMB, as the audit oversight body for the Development Fund for Iraq (DFI), was established to fulfil the mandate set forth in Security Council resolution 1483 (2003). That mandate has subsequently been extended under resolutions 1546 (2004), 1637 (2005) and 1723 (2006). The Development Fund for Iraq was also established pursuant to Security Council resolution 1483 (2003) and holds the proceeds of petroleum export sales from Iraq, as well as the transferred balances from the United Nations oil-for-food programme and other frozen Iraqi assets.”

    2007-12-18 · UN Security Council · Security Council, S/PV.5808 (2007) · source