89744
                                        AUDIT COMMITTEE


FROM: The Secretary, Audit Committee


                         Minutes of Meeting held on Wednesday, July 16, 2014
                                    at 2:33 p.m. in the Board Room

Present

Committee
Mr. Cipollone (Chair)
Mr. Alturki (Alternate)
Ms. Aviel (Alternate)
Mr. Charassangsomboon (Alternate)
Mr. Delaunay (Alternate)
Mr. Forcieri
Mr. Lee (Acting Alternate)
Ms. Thakur (Acting Alternate)

Other Executive Directors and Alternates
Messrs./Mmes. Al Issa, Bassant, Bourmann, Coutanche, Frieden, Ibrahimi, Kalezic, Kato, Lehmusvaara,
Ncube, Orlos, Pang, Pedro, Snisorenko, Tortola Sebastian and Ye

Officers and Staff
Messrs./Mme. Cumming, Hofman, Khairi, Muleri and Tafara. Berger (Committee Secretary)


Use of IFC's FY14 Net Income: Retained Earnings and Designation of Retained Earnings

1.       The Committee discussed the document entitled Use of IFC's FY14 Net Income: Retained
Earnings and Designation of Retained Earnings (AC2014-0031). The Committee will discuss the final
report in August 2014, followed by Board consideration. A report from the Committee to the Board will
be prepared.

Date of Next Meeting

2.        The Committee was scheduled to meet jointly with CODE on July 23, 2014.

Adjournment

3.        The meeting adjourned at 3:29 p.m.
                                              2


                   The following items have been approved and endorsed by the
                        Audit Committee on an Absence of Objection Basis
                                between June 25 and July 14, 2014


KPMG FY15 Engagement Letters for the World Bank Group

1.    The Committee recorded its endorsement on June 25, 2014 of the document entitled KPMG FY15
Engagement Letters for the World Bank Group (AC2014-0030).

Minutes of Previous Meetings

2.      The Committee recorded its approval on June 26, 2014 of the Minutes of the meetings held on
June 11 (AC/M2014-0010) and June 18, 2014 (AC/M2014-0011).

Annual Audits of IBRD, IDA, IFC, MIGA, and Trust Funds for FY2015 - Nomination of a Firm of
External Auditors

3.      The Committee recorded its endorsement on July 11, 2014 of the document entitled Annual
Audits of IBRD, IDA, IFC, MIGA, and Trust Funds for FY2015 - Nomination of a Firm of External
Auditors (AC2014-0032).

Minutes of Previous Meeting

4.     The Committee recorded its approval on July 14, 2014 of the Minutes of the
meeting held on June 25, 2014 (AC/M2014-0012).