The Boards of IBRD/IDA, IFC, and MIGA reappointed KPMG as the World Bank Group’s (WBG) external auditors for Fiscal Year 2017.
The WBG’s contracting relationship with its external auditor continues to be governed by the principles applicable to the appointment of an external auditor for the World Bank Group (R2003-005 and 005/1 February 14, 2003).
The principles include a prohibition that no entities of the WBG can contract with KPMG for any services that are not directly related to the financial statement audits (audit and audit-related) of WBG entities. Consequently, KPMG and all its member firms and international affiliates are ineligible for all other contracting opportunities with the WBG.
This prohibition does not extend to project entities or borrowing members who engage and pay for the services of the external auditor with proceeds from WBG funding (i.e., loans and grants), as long as no representative of a member of the WBG is signing the contract. In the case of trust funds, this means that the prohibition is in force for IBRD/IFC/IDA/MIGA-executed trust funds, but not for recipient executed trust funds – with the key determinant being who is signing the contracting document.
Any questions should be directed to Faith Graham at email@example.com.