The Executive Committee established at its Ninth Meeting a Sub-Committee on Financial Matters to review and assess the existing financial arrangements and procedures, and recommend modifications, where appropriate. It will pay particular attention to the need for:
(a) a uniform format for financial reporting by the Implementing Agencies and methodology of tracking financial transactions, on an ongoing basis;
(b) modalities for the disbursement of funds to Implementing Agencies and the development of cash flow requirements;
(c) independent financial and project audits, as appropriate.
The Sub-Committee will address issues pertaining to the receipt of contributions to the Fund, and any other matter that the Executive Committee deems appropriate.
The Sub-Committee shall consist of two Executive Committee members from Parties operating under paragraph 1 of Article 5 of the Protocol and two Committee members from Parties not so operating. The Chair of the Sub-Committee will be determined by the membership and alternate among members from one meeting to the next.
The Treasurer and the Secretariat will assist the Sub-Committee in its work and participate in Sub-Committee meetings. Implementing agencies may be invited to participate. The Sub-Committee is empowered to require the attendance of any Implementing Agency on any financial matter causing concern to the Sub-Committee.
The Sub-Committee will be a standing committee. It will be appointed for a period of one year coinciding with the terms of the office of the Chair and Vice-Chair.
(UNEP/OzL.Pro/ExCom/9/20, para. 32, Annex II).
(Supporting document: UNEP/OzL.Pro/ExCom/9/20 Annex II).