Article 17 Control

1. The financial control of the International Olive Council shall be carried out by the Administrative and Financial Affairs Committee.

2. The financial statements of the International Olive Council for the previous calendar year, certified by an independent auditor, shall be presented to the Administrative and Financial Affairs Committee. After analysing the accounts, the Committee shall, at its first regular session of the calendar year, submit an opinion to the Council of Members for approval and publication.

When performing the above-mentioned audit work, the independent auditors shall verify compliance with the financial regulation in force as well as the functioning and efficiency of the existing internal control mechanisms and shall record the work performed and incidents detected in an annual report, which shall be presented to the Administrative and Financial Affairs Committee.

This audit report shall be presented to the Council of Members at its first regular session.

The Council of Members shall designate the independent auditor who shall be responsible for analysing the annual accounts of the International Olive Council and for drawing up the report mentioned above, both according to the provisions of the financial regulation and its implementing procedures.

3. Furthermore, the Council of Members shall, at its first regular session of the calendar year, examine and adopt the financial report for the previous calendar year relating to:

The verification of the management of the funds, assets and cash of the International Olive Council;

The regularity of financial operations and their conformity with the rules and regulations and budgetary provisions in force.

4. The ex-post controls of operations are assured by external auditors in accordance with the dispositions of the financial regulation.

5. Based on a risk analysis, a minimum of three members may request the Council for authorization to carry out controls on the activities of the International Olive Council to ensure compliance with the rules in force and the principles of sound financial management and transparency.

The controls will be conducted in close collaboration with the members of the executive secretariat of the International Olive Council in conformity with the rules and procedures defined in the Rules of Procedure and the financial regulation of the International Olive Council.