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 that 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 (decision 15/CP.1, annex 1, paras. 18 and 19). The United Nations Board of Auditors has audited the financial statements for the biennium 2010-2011. The full text of the Board's report is attached as an annex and reproduced as received, without formal editing and with the original pagination. The secretariat's response to the audit recommendations has been issued as addendum 1 to this document; the audited financial statements themselves have been issued as addendum. The Subsidiary Body for Implementation is invited to take note of the information contained in the audited financial statements and the report of the Board. 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 eighteenth session and the Conference of the Parties serving as the meeting of the Parties to the Kyoto Protocol as its eighth session