The Inter-American Development Bank announced today that it has entered into a contract with Ernst & Young LLP appointing the firm as the IDB’s interim external auditors effective June 17, to provide audit, debt offering support and other accounting services. The designation of new external auditors requires the approval of the IDB’s Board of Governors. IDB’s management is submitting a proposal to the IDB’s Board of Executive Directors, to be forwarded to the IDB’s Board of Governors, which will recommend the appointment of Ernst & Young LLP as external auditors. Ernst & Young LLP was identified by IDB’s management through a process of international competitive bidding.
Ernst & Young LLP replaces Andersen (formerly, Arthur Andersen LLP), which was instructed by the IDB on June 17, 2002, to cease its activities as the IDB’s external auditors. During the fiscal years 1995 through 2001, Andersen served as the IDB’s external auditors. The accounting firm issued unqualified opinions on the IDB’s financial statements, and there have been no disagreements between the IDB and Andersen on any matter of accounting principles or practices, financial disclosure, or auditing scope or procedure.