 RESTRICTED  
  
WT/L/ 1113/Corr.1  
14 July 2021  
(21-5546) Page: 1/1 
General Council  
27-28 July 2021  Original:  French  
 
WTO PENSION PLAN  
REPORT OF THE INDEPENDENT EXTERNAL AUDITOR  
ON THE AUDIT OF THE FINANCIAL STATEMENTS OF THE  
WORLD TRADE ORGANIZATION PENSION PLAN  
FOR THE YEAR ENDED 31 DECEMBER 2020  
Corrigendum  
Paragraph  9 should read as follows : 
 
Article 5(d) of the Regulations of the Plan  (in its amended version updated as of 26 July 2017) provides 
that its Management Board shall present a report to WTO's General Council every year comprising 
various elements of information and including (i) an ac count of the financial transactions carried out 
during the financial year, (ii) the balance sheet, […] (vi) all decisions taken in relation with the Plan’s 
administration.  
 
 
Paragraph  11 should read as follows : 
 
Article 5(e) of the Regulations of the Plan provides that its accounts are audited by the External Auditor 
[of WTO] under the conditions approved by mutual agreement with the Management Board . Since no 
agreement relating to the external audit of the Pension Plan accounts had been signed, its accounts 
were audited in accordance with the international audit standard ISA 800.  
 
 
Paragraph 14 should read as follows : 
 
As the Rules and Regulations  of the Pension Plan were revised in July 2017, it could be assumed that 
the new version of this regulation has taken into account WTO's adoption of the IPSAS standard decided 
previously, and that it is the mention "external audit" rather than the reference to "chapter XI" tha t 
must be considered incorrect; in this case, mutatis mutandis , the IPSAS standard should, by application 
of chapter XI of WTO's Financial Regulation, be adopted by the Pension Plan. Since the accounting 
framework and methods of presenting the accounts of the Plan were never clearly mentioned and 
explicitly associated with the accounts produced, today it is impossible to decide on it.  
 
Paragraph 17 should read as follows : 
 
Assuming that the IPSAS standard is not applicable de jure  to the Pension  Plan, the clarification 
recommended would benefit from an as close a reconciliation of an existing structured, accounting 
standard as possible, with the sui generis  provisions of Article 5(d) of the Regulations continuing to be 
extremely inaccurate.  
 
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