"We will study [the report] and implement its recommendations," Mr. Annan told reporters at UN Headquarters, referring to the forthcoming report by the Independent Inquiry Committee (IIC). "We ourselves are taking measures to strengthen some of our management practices and we will be making some announcements and taking some concrete action very soon."

The Secretary-General added that during the last General Assembly session he had asked the Assembly to review the mandate of the UN's own watchdog, the Office for Internal Oversight Services (OIOS), 10 years after its establishment to see how it can be strengthened and give it appropriate authority to do its work.

The report by the three-member independent panel, which is headed by former US Federal Reserve Chairman Paul Volcker, is scheduled to be released on Thursday. Mr. Volcker was appointed by Mr. Annan in April 2004 to conduct an inquiry into allegations of impropriety in the administration and management of the Oil-for-Food programme, which permitted the use of proceeds from oil sales to purchase humanitarian goods.