90481
                                        AUDIT COMMITTEE


FROM: The Secretary, Audit Committee


                         Minutes of Meeting held on Monday, August 4, 2014
                                  at 10:02 a.m. in the Board Room

Present

Committee
Mr. Cipollone (Chair)
Mr. Alturki (Alternate)
Ms. Aviel (Alternate)
Mr. Charassangsomboon (Alternate)
Mr. Fernandez (Acting Alternate)
Ms. Letilly (Acting Alternate)
Mr. Prasad
Mr. Willcock


Other Executive Directors and Alternates
Messrs./Mmes. Abdul Ghaffar, Alvarez, Bajare, Bassant, Bor, Frieden, Garcia, Han, Hoettcke, Kato,
Lamrani, Misyukovets, Ncube, Tortola Sebastian and Zhukovskyi

Officers and Staff
Messrs./Mmes. Betancourt, Bravery, Brennan, Frazier, Honda, Khairi, Lauwers, Meighan, Muleri,
Obuya, Shyam-Sunder, Venner and Zhang. Berger (Secretary)

KPMG (External Auditors)
Messrs. Bendl, Mbogo, McFaddin and Sweeney


IBRD/IDA, IFC and MIGA Unaudited Financial Statements and Draft Management's Discussion
and Analysis - June 30, 2014, and KPMG Presentation on World Bank Group FY14 Audits

1.      The Committee met to discuss MIGA Unaudited Financial Statements and Draft Management's
Discussion and Analysis - June 30, 2014 (MIGA/R2014-0065), IFC Unaudited Consolidated Financial
Statements and Draft Management's Discussion and Analysis - June 30, 2014 (IFC/R2014-0269) and
IBRD and IDA Unaudited Financial Statements and Draft Management's Discussion and Analysis –
June 30, 2014 (R2014-0180[IDA/R2014-0269]), together with the KPMG Presentation on World Bank
Group FY14 Audits (AC2014-0036). The Committee recommended Board approval of the financial
statements. A report from the Committee to the Board will be prepared.

IBRD Allocation of FY14 Net Income - Final

2.      The Committee discussed the document entitled Allocation of FY14 Net Income - Final
(R2014-0179), prior to consideration by the Board. A report from the Committee to the Board will be
prepared.
                                                  2

Use of IFC's FY14 Net Income: Retained Earnings and Designation of Retained Earnings

3.      The Committee considered the document entitled Use of IFC's FY14 Net Income: Retained
Earnings and Designation of Retained Earnings (IFC/R2014-0267), prior to consideration by the Board.
A report from the Committee to the Board will be prepared.

Date of Next Meeting

4.     The Audit Committee was scheduled to meet jointly with CODE on September 8, 2014.

Adjournment

5.     The meeting adjourned at 1:04 p.m.
                                                  3

                   The following items have been approved and endorsed by the
                        Audit Committee on an Absence of Objection Basis
                                between July 16 and July 28, 2014


Proposed Internal Audit Vice Presidency (IAD) Terms of Reference (TOR)

1.      The Committee recorded its endorsement on July 16, 2014 of the document entitled Proposed
Internal Audit Vice Presidency (IAD) Terms of Reference (TOR) (AC2014-0033).

Minutes of Previous Meetings

2.      The Committee recorded its approval on July 28, 2014 of the Minutes of the meetings held on
July 16 (AC/M2014-0013) and July 23, 2014 (AC/M2014-0014[CODE/M2014-0013]).