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| | GAO-03-366, World Bank Group: Important Steps Taken on Internal Control but Additional Assessments Should Be Made |
 | | A major function of this committee, a subgroup appointed by the board of executive directors at the Bank Group entities, is to nominate an external auditor for external audits and determine the scope of the auditor's work and the reports to be submitted by the auditor. |
 | | The Bank Group entities are multilateral, international entities that are autonomous, and the United States, as an individual member country, generally does not have audit authority over their operations. |
 | | Each Bank Group entity also has a board of executive directors, which is responsible for, among other things, overseeing the banks' daily operations, ensuring the implementation of the decisions of the board of governors, and approving the budgets of the banks. |
| www.gao.gov /htext/d03366.html (8991 words) |
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