As a Center supported by the CGIAR, International Potato Center adheres to a common set of governance principles and financial guidelines. These include guidelines on financial reporting and audit. As with all CGIAR Centers, CIP prepares financial statements in accordance with International Financial Reporting Standards (IFRS). The CGIAR Auditing Guidelines Manual (Financial Guidelines Series No. 3) requires the Centers’ annual financial statements to be subject to independent external audit carried out in accordance with International Standards on Audit published by the International Audit Practices Committee of the International Federation of Accountants.
In addition, CIP is also required, under the terms of some donor agreements entered into for specific research or related projects, to prepare project-specific financial statements according to formats stipulated by the donor and have these independently audited.