times may result in diversion of policy choices. in south africa, cross membership between the bank ’ s monetary policy and financial stability committee structures facilitates such coordination. the bill also recommends a single committee structure for financial stability, namely the financial stability oversight committee ( fsoc ), chaired by the governor of the bank. the fsoc ’ s mandate will be to continuously monitor the financial system for risks and initiate any action necessary to mitigate or remedy a risk. the fsoc thus will have a financial stability responsibility, in the same way as the monetary policy committee ( mpc ) does for price stability, and will be able to hold to account various authorities or economic agents on actions to be taken to mitigate against / reduce systemic risk. the bank ’ s expanded mandate for financial stability will not impact on its price stability mandate, which, eluded to above, is a narrowly defined, formal and explicit mandate. the bank will therefore still be independent and free from influence in pursuing its primary objective of achieving and maintaining price stability. given this expanded role, it will require of central banks to evolve and to face up to the increased demands for greater accountability. central banks will need to communicate on matters relating to financial stability, manage situations where conflicts arise in the goals of monetary policy and financial stability, and moderate unrealistic expectations of what can be achieved by financial stability policies. south africa, as a member of the group of twenty ( g20 ), is committed to promoting financial stability and contributing towards strengthening the resilience of the global financial system. the role of the auditing profession in supporting financial stability there are a number of important and close linkages between the financial stability objective of the central bank and the auditing profession. as mentioned earlier, one of the four main aspects of the bank ’ s financial stability mandate is to promote the robustness of the financial system architecture. this is performed through a process of benchmarking the financial architecture of south africa against the financial stability board ’ s twelve standards for sound financial systems. amongst these standards are international standards on auditing ( isa ) issued by the international auditing and assurance standards board ( iaasb ). as part of the reports on the observance of standards and codes ( rosc ) initiative, the world bank has established a programme to assist its member countries in implementing international accounting and auditing standards for strengthening the financial reporting regime. this enables authorities to analyse comparability of national accounting and auditing standards

by definition, elite organizations in which style and substance were inseparable. he believed strongly that the central bank had a sacred responsibility to the people and should be free of political influence victor bruce, the person was un - rivalled. blessed with dignified bearing, he seemed to be naturally cut out for leadership. his was a commanding presence. he was self assured, positive in approach, and a consummate diplomat. renown for unquestioned integrity and exceptional executive skill, victor bruce was the person first sought after, for any difficult assignment... and he always delivered. ever mindful of his humble origins, he was compassionate and most attentive to the problems of the disadvantaged. for his contribution to public service, victor bruce was awarded the humming bird medal in 1969 and the trinity cross in 1980 then the nation ’ s highest honour. victor bruce also found time to involve himself in the community through sport, the rotary and the church. ladies and gentlemen, dedicating this complex to the memory of victor e bruce is a fitting testimony to his pioneering presence and his considerable contribution to our financial sector and to public service. i would hope that this victor e bruce financial complex serve as an inspiration to young tobagonians, reminding them that they too are capable of achieving the kind of personal growth that victor bruce achieved by using the same keys of success – personal discipline ; a commitment to excellence ; and a willingness to work hard to achieve one ’ s goals. honorable chief secretary, i thank you sincerely for giving me the honour to participate in this most deserving tribute to a great tobagonian, a true national icon and one who paved the way for many to follow. all the central bank governors that succeeded victor owe him a tremendous debt of gratitude for the respect and the dignity with which he imbued the office. bis central bankers ’ speeches i hope that the naming of your main financial complex after victor bruce will spur all those who work within to the highest standards of performance, public service and integrity for these were the things that victor stood for. bis central bankers ’ speeches