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| The same organisation as financial institutions |    |
In keeping with banking practice, Agence France Trésor has made an administrative separation between its
“back-office” activities and risk control:
• back-office activities include verifying and monitoring payments, validating and confirming transactions, making preliminary accounting entries and settling disputes;
• risk control establishes the framework for managing the various risks that AFT incurs.
AFT has a specific organisational structure and procedures for this purpose. It carries out second-level controls, ensures compliance with limits and compiles reports on these matters for the Directorate General.
Two levels of internal control
The rules set by the French Banking Commission call for the AFT’s line units to set up internal control systems. These rules call for functional separations between initiation, validation and auditing of transactions, and the creation of an audit trail. Risk management also requires oversight of the procedures for dealing with public and private-sector institutions and bodies with regard to exchanges of information or settlement of transactions. The partners in question are the Banque de France, primary dealers and the EUROCLEAR securities settlement systems. AFT is also in daily contact with the Ministerial Budget and Accounting Control Unit, which keeps the accounting records of its transactions.
Two external audit procedures
Under the terms of Article 113 of the 2004 Supplementary Budget Act, a contractual auditor’s report is appended to the budget bill each year. Mazars carried out this audit in 2010. The audit focuses on the financial statements and trading account, prudential procedures implemented within AFT and at the Caisse de la Dette Publique, as well as transactions carried out under authorisations granted in the Budget Act. AFT is also audited by the State Audit Office as part of the audit of the State’s general account since 2006.
MAJ : 02 Янв. 2012
“back-office” activities and risk control:
• back-office activities include verifying and monitoring payments, validating and confirming transactions, making preliminary accounting entries and settling disputes;
• risk control establishes the framework for managing the various risks that AFT incurs.
AFT has a specific organisational structure and procedures for this purpose. It carries out second-level controls, ensures compliance with limits and compiles reports on these matters for the Directorate General.
Two levels of internal control
The rules set by the French Banking Commission call for the AFT’s line units to set up internal control systems. These rules call for functional separations between initiation, validation and auditing of transactions, and the creation of an audit trail. Risk management also requires oversight of the procedures for dealing with public and private-sector institutions and bodies with regard to exchanges of information or settlement of transactions. The partners in question are the Banque de France, primary dealers and the EUROCLEAR securities settlement systems. AFT is also in daily contact with the Ministerial Budget and Accounting Control Unit, which keeps the accounting records of its transactions.
Two external audit procedures
Under the terms of Article 113 of the 2004 Supplementary Budget Act, a contractual auditor’s report is appended to the budget bill each year. Mazars carried out this audit in 2010. The audit focuses on the financial statements and trading account, prudential procedures implemented within AFT and at the Caisse de la Dette Publique, as well as transactions carried out under authorisations granted in the Budget Act. AFT is also audited by the State Audit Office as part of the audit of the State’s general account since 2006.
MAJ : 02 Янв. 2012