The First President of the French Cour des comptes has been appointed as the External auditor of OECD, on 16 October 2008, for a mandate of four years (2008-2011), which has been tacitly renewed for one additional term of two years. This mandate has been renewed in November 2014 for financial years 2014-2018.
The Financial Regulations adopted by the OECD (Regulation 32) specifies that “the annual financial statements and the soundness of the financial administration of the Organization and of the Staff Provident Fund shall be audited by an External Auditor, which shall be the Supreme Audit Institution of an OECD Member Country. The External Auditor shall be appointed by Council following a process of call for tender, under the conditions and subject to the terms of reference established by Council, at the recommendation of the Audit Committee.”
Moreover, “the primary function of the External Auditor, by means of its audits, is to assist the Member countries, through Council, in determining whether the management has established systems and practices that provide reasonable assurance that the Organization's financial, human, and physical resources are safeguarded and protected; that operations are conducted economically and efficiently; and that the operations of the Organization are effective in carrying out its mission”. (Regulation 32.3)
To that end, and according to Regulation 32.3 of the Financial Regulations, “the External Auditor shall be required to audit the OECD annual financial statements, and those of the Staff Provident Fund, in accordance with International Standards on Auditing (ISA) established by the International Federation of Accountants, and to express a “true and fair view” opinion thereon”.