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Financial Assets and Liabilities of the Secretariat Revealed

The Antarctic Treaty Consultative Meeting (ATCM) has released its latest financial report, providing a glimpse into the financial assets and liabilities of the Secretariat.

Financial Statements

According to the report, the Secretariat’s financial statements have been prepared in accordance with Regulation 10.3, which requires that all transactions be recorded in United States currency. The annual financial statements will also record all transactions in United States currency.

The report highlights the performance of the investments made by the Secretariat, including details on the returns and losses incurred. Additionally, it reveals the writing off of losses proposed in accordance with Regulation 9.3.

External Audit

In a move to ensure transparency and accountability, the ATCM has appointed an external auditor, who is responsible for conducting annual audits of the Secretariat’s financial statements. The external auditor will review the statements and accounting controls in operation, and provide a report to the ATCM on all relevant matters.

  • The ATCM has ensured the independence of the external auditor from the Secretariat and its staff.
  • The terms of office for the auditor have been fixed.

Annual Financial Statements

The annual financial statements are prepared by the Executive Secretary and submitted to the ATCM. The ATCM is responsible for reviewing and accepting the audited annual financial statements, or taking such other action as it may consider appropriate.

Insurance

To protect its assets from normal risks, the Secretariat has taken out suitable insurances with reputable financial institutions.

Amendments to Regulations

These regulations may be amended by a decision of the ATCM. The ATCM will have before it an evaluation of any proposed amendments that may have financial or administrative implications.

The release of this report is a significant step towards greater transparency and accountability in the management of the Secretariat’s finances.