IBSA Financial Transparency and Reform

Comprehensive Financial Review

As part of ongoing reforms, IBSA has conducted a detailed review of its financial performance for 2022 and 2023. This initiative, led by IBSA’s current leadership, aimed to ensure transparency and accountability. An external company was assigned to analyze financial data provided by the previous administration. The review also included records from the authorized bank managing IBSA’s accounts.

Key Findings and Challenges

The assessment revealed inconsistencies in past financial practices. IBSA’s accounting did not fully comply with international standards and lacked accuracy. As a result, the external reviewers faced incomplete and limited data. Despite these obstacles, they successfully conducted a thorough analysis and presented valuable insights.

Transitioning to International Standards

Following the review, IBSA’s leadership received the final financial report for 2022 and 2023. This report has been shared with all IBSA Board members for their evaluation. Additionally, the reviewing company developed a transition plan to bring IBSA’s accounting in line with global financial standards. Many of these updates are already being integrated into IBSA’s administration.

Addressing the Lack of Audits

IBSA had not undergone a financial audit for a significant period, despite its charter requiring annual audits. To correct this, IBSA engaged the reviewing company to conduct a full audit for 2022 and 2023. The auditors provided detailed recommendations, which have been forwarded to IBSA’s administration for implementation.

Commitment to Transparency

IBSA has shared the financial monitoring results and recommendations with all member countries. This marks a significant shift from previous practices. Moving forward, IBSA’s leadership is committed to maintaining transparency. Starting in 2024, annual financial reports will be audited by an accredited firm and distributed to all member nations.

IBSA welcomes feedback from its members and looks forward to continued improvements in financial governance.