[3] At the First Latin American Congress of Supreme Audit Institutions in 1963, it was concluded that it would be of mutual advantage for Latin American countries to exchange experiences concerning financial management and oversight, and that by adopting the principles and objectives of regional integration and unity within the scope of their specific activities, governmental management would be improved and in turn communities better served.
[4] The objective behind the creation of the Institute was to promote specialized scientific research, gather information and provide advice and coordination amongst the continent's regulatory agencies so they could better serve their citizens in the exercise of the powers granted to them by the respective legal systems.
The following were signatories to the creation of ILACIF: Argentina, Brazil, Colombia, Chile, Ecuador, El Salvador, Mexico, Nicaragua, Panama, Puerto Rico, Dominican Republic, Uruguay and Venezuela.
Changes to internal rules and organizational structure were recommended by a reforming committee, and at the special session of October 11, 1990, ILACIF's Extraordinary General Assembly, held in Buenos Aires, Argentina, approved the proposed amendments as well as changing the name of the institute to the Organization of Latin American and Caribbean Supreme Audit Institutions (OLACEFS).
[5] The term Organization was considered more appropriate for an entity that brought together the highest officials in the field of control and monitoring in Latin America and the Caribbean.
It coordinates and provides the Supreme Audit Institutions, or SAIs, of Latin America and the Caribbean with information, the aim of all the above being to promote their development and improvement.
Adherence to a democratic system of adopting resolutions by majority agreement and respect for the concept of minorities; V. Decentralization of activities; VI.
The OLACEFS Charter of the Organization lists the following functions: • To promote and conduct systematic research on the control and supervision of the management of public resources and disseminate results amongst members; • To organize and conduct specialization, postgraduate and training courses, as well as seminars and special events principally for staff members to carry out technical tasks relating to control and oversight; • To provide advisory services and technical assistance on the control and oversight of the management of public resources; • To compile work done in each country concerning administrative and financial organization and control, to be disseminated amongst Latin American and Caribbean nations; • To promote and publish written material on the control and oversight of the management of public resources; • To serve as liaison between the supreme audit institutions of other nations, answering queries and promoting the exchange of specialists; • To establish and foster a resource center principally for literature concerning the control and oversight of the management of public resources and related disciplines; • To maintain contact on scientific and technical matters with institutions and organizations in other parts of the world specializing in the control and oversight of the management of public resources; • To create commissions and committees for subregions, functional areas, issues and/or specific matters, as appropriate; • To establish relationships with and obtain the assistance of experts on the control and oversight of the management of public resources, universities, bodies that fund development and associations for professionals; • To coordinate special studies requested by a government or group of governments of Latin American and Caribbean nations; • To organize high-level think-tanks made up of active members to analyse specific strategic issues related to supreme control and oversight; • To award prizes and/or offer stimulus as per the conditions laid down by the specific regulation.
The Board is made up of: Secretariat In accordance with the provisions of the Charter, the Presidency of OLACEFS is held by the full member elected by the General Assembly for a period of three years without re-election, and represented the head of the chosen SAI.
Timeline of the Presidency In accordance with the Organization's regulations, the Executive Secretariat is held by a full member elected by the General Assembly.
The XXVIII OLACEFS General Assembly, held in Buenos Aires, Argentina, in October 2018, has unanimously approved the extension of the mandate of the Executive Secretariat, period 2019 - 2021, in accordance with article 16 of the organisational Charter.
[8] The commissions are technical bodies dedicated to the study and development of specific topics and issues relevant to OLACEFS’ objectives and activities.