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The Audit Committee is a sub-committee of the Executive Board of IFAD and deals with audit-related matters on an ad hoc basis.

The Audit Committee is composed of nine Member States from the 36 Members of the Executive Board: four Members from List A, two Members from List B and three Members from List C. Members are elected by the Board for a three-year term, and Chairmanship rests permanently with List A.

The Audit Committee meets regularly four times a year, before each of the April, September and December Board Sessions, and at mid-year.  The Committee may also hold informal meetings when required.

In accordance with the Terms of Reference and Rules of Procedure of the Audit Committee and the IFAD Policy on the Disclosure of Documents, the proceedings, documents and records of the Audit Committee – with the exception of the annual investigation reports – are restricted.

The outcome of deliberations of the Audit Committee are made public following Audit Committee meetings and shared with the Executive Board in the Report of the Chair.