The administration of the financial operations of the Bank is undertaken by the Finance Department, supported by the Internal Audit Department. This is undertaken in line with standards required by relevant legislation and prevailing international best practice.
The financial statements of the Bank are prepared in accordance with International Financial Reporting Standards (IFRS) and in the manner required by the Bank of Botswana Act (Cap 55:01). Detailed notes on the preparation of the Annual Financial Statements are included in the Annual Report. Since the Board of the Bank has no reason to believe that the Bank will not operate as a going concern for the foreseeable future, the going concern basis for preparing the statements continues to be used. The Finance Department is responsible for preparing the accounts which are subject to both approval by the Board and detailed scrutiny by reputable external auditors. As well as the annual statements, the Balance Sheet is published on a monthly basis in both the Government Gazette and on this website, thus providing public access to the financial affairs for the Bank of a frequent basis.
The purpose, authority and responsibilities of the Internal Audit Division are defined in the Internal Audit Charter, approved by the Board on an annual basis. While for administrative purposes the Division reports to the Governor, in order to maintain its independence it is functionally responsible to the Audit Committee of the Board. In turn, the Committee is guided by the Audit Committee Charter (including an Appendix that states matters that are to be discussed at meetings of the committee).