The financial procedures of the Convention require that “a final audited statement of accounts for the full financial period shall be provided to the Conference of the Parties as soon as possible after the accounts for the financial period are closed”. They also stipulate: “The accounts and financial management of all funds governed by these financial procedures shall be subject to the internal and external audit process of the United Nations” (FCCC/CP/1995/7/Add.1, decision 15/CP.1, annex I, paras. 18–19). The United Nations Board of Auditors audited the financial statements for the biennium 2004–2005. The full text of the Board’s draft report, which was received by the secretariat on 27 October 2006, is attached as an annex as received, without editing, ahead of receipt of the final report. The final report, which the secretariat has been assured will not differ in substance from the draft, will be submitted in due course. The secretariat’s response to the audit recommendations, and the audited financial statements themselves, have been issued as addendum 1 and addendum 2, respectively, to this document. The Subsidiary Body for Implementation is invited to take note of the information contained in the audited financial statements and the report of the auditors. It may also wish to propose appropriate actions, which may be included in draft decisions on administrative and financial matters for adoption by the Conference of the Parties at its twelfth session.