RESTRICTED  
  
WT/BFA/W/ 640 
12 June 2023 
(23-3939) Page: 1/2 
Committee on Budget, Finance and Administration    
 
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SECRETARIAT'S RESPONSES TO EXTERNAL AUDITOR 'S RECOMMENDATIONS   
ON THE AUDIT  OF THE FINANCIAL STATEMENTS OF THE  
WORLD TRADE ORGANIZATION FOR THE FINANCIAL  
YEAR ENDED 31 DECEMBER 202 2 
 
 
1  PURPOSE  
1.1.  This document presents the Secretariat's responses to the External Auditor' s recommendations 
related to the  2022 WTO Financial Statements1. Table 1 below contains the specific 
recommendations, and the related responses.  
1.2.  The Secretariat  accepts all the recommendations and will put m easures in place to implement 
them.   
 
1 WT/BFA/W/639.   
  WT/BFA/W/ 640 
 
- 2 - ANNEX 1: RESPONSES TO THE EXTERNAL AUDITOR 'S RECOMMENDATIONS  
No Cour des Comptes  France  Recomm endation  WTO Secretariat's Response  
1 Improve annual access review documentation in order to be able to 
identify verifications and changes that have been carried out, by 
including: (a) the list of users and original associated rights; (b) where 
applicable,  the exchanges showing a profile has been validated or 
invalidated; (c) the changes to be made and those implemented in 
the system; and (d) a dated copy of the final list retrieved from the 
system after the changes have been made.  
 The Secretariat will pro vide the Auditors with information on the 
processes and documents it currently uses in this domain and will 
follow up with the Auditors to better understand how the information 
provided can be complemented . 
 
2 Consider examining the possibility of strengthening the robustness of 
long-term employee benefit estimates by: (a) assessing whether 
differentiating withdrawal rates and retirement rates by staff category 
and seniority would improve actuarial valuations; (b) examining the 
possibility of differ entiating the rates of salary increases by staff 
category; (c) determining the rate of enrolment in the after -service 
health insurance plan upon retirement and the post retirement lapse 
ratio and liability adjustment, if justified; (d) analysing the effect  of 
weighting financial assumptions by currency combinations on defined 
benefit obligations as at the valuation date; and (e) justifying the 
medical inflation rate by means of a sufficient audit trail.  
 The Secretariat takes note of the recommendation, which is geared 
at strengthening the estimation of long -term employee benefits. The 
Secretariat will discuss the recommendation with the Actuarial 
Service Provider to assess the feasibility and practical approach to 
implementing the suggestions.   
 
3 Carry out an analysis of the relative significance of actuarial 
assumptions in order to present those that are significant in the notes 
to the Financial Statements and maintain an appropriate audit trail.  The Secretariat will conduct a materiality analysis  of the actuarial 
assumptions and will disclose the results, beginning with the 2023 
financial statements.  
4 Carry out a sensitivity analysis of the obligations of the Pension Plan 
and after -service health insurance plan at the balance sheet date for 
each significant actuarial assumption and present the results of these 
analyses in the notes to the Financial Statements.  
 The Secretariat will implement this recommendation, beginning with 
the 2023 financial statements.  
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