Accounting, Auditing and Reporting. 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. 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.
Accounting, Auditing and Reporting. Without limitation to the overall application of Section 2.9 of this Project Agreement, APG shall ensure that APDOT
(i) maintains separate accounts and records for the Project and related financial statements in accordance with sound accounting principles and practices as prescribed by the Accounting Law of the PRC; (ii) gets such accounts and related financial statements audited annually by independent external auditors whose qualifications, experience, and terms of reference are acceptable to ADB, and in accordance with auditing standards that are acceptable to ADB, including: (a) an assessment of the adequacy of accounting and internal control systems with respect to Project expenditures and other financial transactions; and
Accounting, Auditing and Reporting. The Borrower shall ensure that VEC maintains separate financial records and accounts adequate to identify Loan proceeds received and Project expenditures, including consulting services and the local taxes imposed on the consulting services which are financed out of the Loan proceeds and local funds, respectively.
Accounting, Auditing and Reporting. The Borrower shall cause the State to maintain separate records of account for the TA loan. To ensure proper fund management, ADB retains the right to audit the use of TA loan proceeds. The State, through the FMU, shall prepare a quarterly consolidated progress report on specific actions taken in the TA loan and shall forward the same to ADB and the PSC. The reports shall describe progress made under the TA loan and any changes to the implementation schedule as well as the procurement plan. The reports shall also identify any problems encountered and remedial actions taken. The State shall provide ADB with a Project completion report, within 3 months after Project completion.
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).
9. Public disclosure of the project financial statements, including the audit report on the project financial statements, will be guided by ADB’s Public Communications Policy (2011). After review, ADB will disclose the project financial statements for the project and the opinion of the auditors on the financial statements within 30 days of the date of their receipt by posting them on ADB website. The Audit Management Letter and the entity level Audited Financial Statements will not be disclosed.
Accounting, Auditing and Reporting. The Borrower shall cause PEPCO to 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. Within twelve (12) months of the Effective Date, the Borrower, though CPMU, shall establish a computerized management information system suited to the financial management and reporting needs of the Project; and each of PMUs shall prepare Project progress reports every three (3) months.
Accounting, Auditing and Reporting. 11.1 The financial year of the Bank is a calendar year.
11.2 The auditor shall be appointed for carrying out a single audit or for a longer period in accordance with the requirements of the law.
11.3 After the end of the financial year, the Management Board shall prepare the annual accounts and the activity report pursuant to the procedure provided by the Accounting Act and other applicable laws and regulations. The Management Board shall present the annual accounts, the activity report and the profit distribution proposal to the General Meeting. The Supervisory Board shall review the annual accounts and submit its written opinion to the General Meeting.
11.4 The annual report shall be approved by the General Meeting. The Management Board shall submit the approved annual report to the Commercial Register not later than within six (6) months after the end of the financial year of the Bank.
11.5 The amount of reserve capital of the Bank shall be one-tenth (1/10) of the Share Capital. The reserve capital shall be formed from annual net profit transfers, as well as from other transfers entered in the reserve capital pursuant to law. During each financial year, at least one-twentieth (1/20) of the net profit shall be entered in the reserve capital. If the reserve capital reaches the prescribed amount, the increase of reserve capital from net profit shall be terminated.
Accounting, Auditing and Reporting. MOR will maintain separate accounts for the IP and have such accounts and related financial statements audited annually by an external auditor in accordance with auditing standards acceptable to ADB. MOR will submit to ADB, within 6 months after the end of each fiscal year, certified copies of such audited IP accounts and MOR financial statements and auditor’s reports, all in English. The audit of such financial statements will include (i) an assessment of the adequacy of accounting and internal control systems with respect to IP expenditures and other financial transactions, (ii) an assessment of compliance with loan 4 Imprest accounts are used in five ongoing loans in the PRC. The utilization performance is satisfactory. covenants and ADB requirements for IP management, and (iii) an opinion on the use of the imprest fund and statement of expenditure procedure.
