07.MR.KPI - WFP Compliance with IPSAS

C2629.MR12.K07 - FINANCIAL STATEMENTS COMPLIANCY WITH IPSAS

KPI NAME

WFP obtained unqualified audit opinion on its annual financial statements, certifying the financial statements are compliant with IPSAS

NEW OR EXISTING KPI

New KPI

INDICATOR CODE

C2629.MR12.K07

RESPONSIBLE DIVISION

CFO

MR OUTPUT

1.2 Management oversight and compliance

PURPOSE

The purpose of this KPI is to verify that WFP’s annual financial statements receive an unqualified audit opinion from the independent external auditor, confirming that they are presented fairly, free from material misstatements, and fully compliant with IPSAS and WFP’s Financial Regulations. An unqualified opinion represents the highest standard of assurance, demonstrating the reliability of WFP’s financial information and indicating that no significant control weaknesses were identified that could adversely affect the stewardship of the organization’s financial resources

CALCULATION FORMULA

N/A: Issued by independent External Auditors

CALCULATION STEPS

N/A: External auditor issue an opinion after carrying out its audit of financial statements in accordance with International Standards on Auditing

DATA SOURCE

Data is available from external audit report, included as part of “Audited Annual Account” of WFP, available in the public domain

DATA COLLECTION METHOD

Unqualified audit opinion is received from external auditors

AUTOMATION

N/A

BASELINE VALUE

Unqualified audit opinion

ASSUMPTIONS

• WFP’s financial statements are prepared in full compliance with IPSAS and with WFP’s financial regulations and rules

• Financial reporting is free from material errors or misstatements, supported by accurate, timely and complete underlying data

• Internal controls are designed, implemented and operating effectively to prevent and detect significant inaccuracies

• The External Auditor has access to adequate and sufficient audit evidence to support their conclusions

• The organization meets the criteria for a valid going‑concern assumption, demonstrating its ability to continue operations for the foreseeable future

LIMITATIONS

• The primary limitation of the KPI is that it measures reporting reliability and compliance with accounting standards rather than performance, operating efficiency and financial health of WFP

REVIEW FREQUENCY

Annual

QCPR INDICATOR

False

UN COMMON/ COMPLEMENTARY INDICATOR

False

IS THE KPI A UN COMMON OR COMPLEMENTARY INDICATOR

N/A

CONTRIBUTING AGENCIES

N/A

POINT OF CONTACT

wfp.performaceplanning@wfp.org