As part of ongoing reforms at IBSA, a comprehensive review of the organization’s financial performance and reporting for the 2022 and 2023 financial years has been conducted at the initiative of IBSA’s leadership. The external company tasked with this review worked with financial data and tables provided by the previous IBSA leadership, as well as information from the authorized bank where IBSA holds its current and reserve accounts.

The review revealed that IBSA’s previous financial accounting practices were not aligned with international standards and lacked completeness. Consequently, the information provided to the reviewing company was often limited and incomplete. Despite these challenges, the company successfully carried out a detailed analysis and delivered valuable findings.

The IBSA leadership has received the final report on the organization’s financial statements for 2022 and 2023, and this has been shared with all IBSA Board members for their review.

Building on this report, the reviewing company has also developed a transition plan to align IBSA’s accounting practices with international standards, many of which are already being applied within our Administration.

It is worth noting that IBSA has not undergone a financial audit for a considerable period, despite the organization’s charter requiring annual audits. To address this, and under a supplementary agreement with the reviewing company, a full audit of IBSA’s financial activities for 2022 and 2023 was conducted.

The audit company has provided its recommendations, which have been forwarded to the IBSA Administration for implementation.

The results of the financial monitoring for 2022 and 2023, along with the recommendations, have been shared with all IBSA member countries.

This transparent approach marks a significant departure from previous practices at IBSA. The current leadership believes it is crucial to revive this constitutional tradition. Starting with the 2024 financial year, annual financial reports will be published and distributed to member countries following the annual audit conducted by an accredited auditing company.

IBSA’s leadership looks forward to receiving feedback and comments from IBSA members on these important developments.