Accounting, Auditing and Reporting. 5. Within 6 months of the close of each year, the PMO/MUB will submit for consolidation audited annual program accounts, which provide a detailed description of the source of funds and expenditures made, and audited annual consolidated financial statements of the MUB to ADB. The annual audit will include an audit opinion on the imprest account and statement of expenditures procedure operations, and whether the financial loan covenants as stipulated in the ADB’s loan, grant and project agreements have been met based on the consolidated financial statements.
Accounting, Auditing and Reporting. 17. The executing agency and implementing agency have agreed to adhere to sound financial management requirements during implementation of the Investment Program. DOW will maintain separate project records and accounts adequate to identify the (i) goods and services financed from loan proceeds, (ii) financing resources received, (iii) expenditures incurred on the components of each project, and (iv) counterpart and cofinancier funds received and expended. DOW will engage independent external auditors acceptable to ADB to audit the consolidated project accounts annually, including statement of expenditure transactions, and counterpart funds. DOW will submit to ADB certified copies of audited annual consolidated project accounts as well as the auditor’s report in English within six months of each financial year-end during implementation. XXX has been advised of ADB’s requirement for timely submission of audited annual project accounts and financial statements, and the suspension of disbursements of ADB loans in case of noncompliance with the requirement.
Accounting, Auditing and Reporting. 7. PEPCO shall maintain its internal controls in accordance with the national accounting standards of the Borrower and set up within four (4) months of the Effective Date its independent internal audit department.
Accounting, Auditing and Reporting. 16. The Borrower shall cause the DISCO to maintain their internal controls in accordance with the National Accounting Standards of the Borrower and set up within four (4) months of the Effective Date its independent internal audit department. Investment Project Review
Accounting, Auditing and Reporting. 8. India, MoRTH and Manipur shall ensure that proper accounts and records are maintained and audited in a timely manner to adequately identify the use of loan proceeds in such manner and details as may be specified under each Loan Agreement and Project Agreement(s).
Accounting, Auditing and Reporting. 10. The Borrower shall cause QMG to ensure that JCG, through the PMO, (a) establishes and maintains records and accounts that identify Goods and services from the Loan proceeds, financing resources received, expenditures incurred, and use of local funds, in accordance with sound accounting principles and internationally-accepted accounting standards; (b) reviews and consolidates these accounts and has them audited annually in accordance with sound accounting practices by the sovereign audit agency of the Borrower or other auditors acceptable to ADB; (c) furnishes to ADB, promptly after their preparation but in any event not later than six months after the close of the fiscal year to which they relate, certified copies of such audited accounts and financial statements and the report of the auditors relating thereto (including the auditors' opinion on the use of the Loan proceeds and compliance with the covenants of the Loan Agreement as well as on the use of the procedures for imprest account/statement of expenditures); (d) prepares consolidated quarterly reports indicating progress made, problems encountered during the period, steps taken or proposed to remedy the problems, proposed program of activities and progress expected for the next quarter; and (e) within three months of physical completion of the Project, submits to ADB a completion report that describes the achievements in relation to the Project’s expected impact, outcomes and outputs.
Accounting, Auditing and Reporting. 8. The executing agency/implementing agencies through the PMU, will establish and maintain separate records for works, goods, and services financed out of the loan proceeds for each tranche. The executing agency/implementing agencies will maintain separate project accounts according to generally accepted accounting principles for all expenditures incurred under the Facility and the subprojects, whether out of loan proceeds or from other sources and record in a transparent manner all funds received from India, the State and ADB. Detailed consolidated annual project accounts, as maintained by the implementing agencies, will be audited by independent auditors whose qualifications, experience, and terms of reference are acceptable to ADB and will be submitted to ADB within 6 months at the end of the relevant financial year. The annual audit report will specifically include a separate audit opinion on the use of loan proceeds and compliance with loan covenants.
Accounting, Auditing and Reporting. 25. KVIC through RID shall prepare quarterly progress reports and submit them to ADB within twenty (20) days of the end of the applicable period. The reports shall be prepared in a format acceptable to ADB and include (a) the status of institutional development activities; (b) delays and problems encountered and actions taken to resolve them; (c) compliance with loan covenants; and (d) expected progress during the next three
Accounting, Auditing and Reporting. 15. The DISCO shall maintain their internal controls in accordance with the national accounting standards of the Borrower and set up within four (4) months of the Effective Date its independent internal audit department.
