The IMF has also created a new Committee under the Chairmanship Mr Trevor Manuel, the Minister of Finance in South Africa to review its governance structures and to look at how to improve the effectiveness of the institution. The committee is due to report back to the IMFC at its next meeting in April 2009.
Further, the appointment of external auditors by financial institutions under our purview for the yearly audit of their financial statements is subject to the approval of the central bank. To reinforce this independence, we have proposed that it is the firm of auditors itself which is subject to rotation every 5 years as opposed to solely the engagement partners.