Chapter four: Economic governance and management • New Partnership for Africa’s Development (NEPAD) Framework Document (2001). • Constitutive Act of the African Union (AU) (2000). • Code of Good Practices on Fiscal Transparency. • Guidelines for Public Debt Management. • International Standards on Auditing. • International Accounting Standards. • Code of Good Practices on Transparency in Monetary and Financial Policies. • Principles for Payment Systems. • Core Principles for Security and Insurance Supervision and Regulations. • Core Principles for Effective Banking Supervision. • AU Convention on Preventing and Combating Corruption. • Abuja Treaty Establishing the African Economic Community (1991). • Best Practices for Budget Transparency. • Principles of Corporate Governance (international and national). • Relevant treaties, conventions and protocols of regional economic communities. 370. The Background Paper on Lesotho also omits any discussion of these codes and standards and their domestication. It does, however, argue that Lesotho has complied with, and is a signatory to, a number of standards and codes, including the NEPAD Framework Document, membership of SACU and the Africa Caribbean Pacific–European Union (ACP-EU) Convention. The Background Paper also notes that the authorities in Lesotho, in collaboration with the World Bank, had completed a review of the Public Expenditure Management and Financial Accountability Review (PEMFAR). This is adjudged to be relevant to the Code of Good Practices on Fiscal Transparency and Best Practices for Budget Transparency. ii. Findings of the CRM 371. The Country Review Mission (CRM) did not find much evidence of the ratification, domestication and implementation of the standards and codes mentioned above. However, it discovered that the NEPAD Framework Document is not a treaty and does not require ratification or accession. Lesotho has adopted the document and launched the Lesotho chapter of NEPAD in August 2004. The Guidelines for Public Debt Management constitute a nontreaty and do not require signature or ratification. The AU Convention on the Prevention and Combating of Corruption was signed in 2004. The Code of Good Practices on Transparency in Monetary and Financial Policies has been ratified, while the Principles for Payments Systems are being used but have not been signed. The same is true for the Core Principles for Systematically Important Payments Systems. The CRM also found out that the Core Principles for Effective Banking Supervision (Basel I) had been signed but that Basel II had not. In fact, a committee comprising the CBL and the Association of Bankers 105