B.BM-2015/06: Administrative guidelines on the Internal Control Framework and Internal Audit Standards

The Board, having considered the information contained in document GCF/BM-2015/Inf.06 Administrative Guidelines on the Internal Control Framework and Internal Audit Standards:

1. Adopts the Committee of Sponsoring Organizations of the Treadway Commission (COSO) framework as the internal control framework for the Green Climate Fund (the Fund);
2. Also adopts the Institute of Internal Auditor’s (IIA) International Professional Practices Framework (IPPF) that comprises the Definition of Internal Auditing, the Standards, and the Code of Ethics applied to the Fund’s internal auditor; and
3. Requests that the Executive Director implement the internal control framework and oversee the implementation of the internal audit framework by the Fund’s Internal Auditor in line with Annex I to this document.