External Audit. (a) The Beneficiary or the Executing Agency, as the case may be, shall present to the Bank, during the period of Project execution and within the deadlines and with the frequency provided in the Special Conditions of this Agreement, the Project’s financial statements and other reports, and any additional financial information relating thereto that the Bank may request, in accordance with accounting principles and standards acceptable to the Bank.
(b) The Beneficiary agrees to have the financial statements and other reports, as indicated in the Special Conditions of this Agreement, audited by independent auditors acceptable to the Bank, in accordance with auditing principles and standards acceptable to the Bank, and to present to the Bank´s satisfaction such information as may be requested by the Bank related to the independent auditors whose services have been engaged.
(c) The Beneficiary shall select and hire directly or through the Executing Agency, the independent auditing services that are necessary for the timely submission of the financial statements and other reports indicated in paragraph (b) above, no later than four (4) months before the closing of each fiscal year of the country of the Beneficiary, beginning on the date on which this Agreement enters into effect, or such other time as may be agreed upon between the parties, in accordance with procedures and terms of reference previously agreed upon with the Bank. The Beneficiary or the Executing Agency, as the case may be, shall authorize the auditors to provide the Bank with any additional information it may reasonably request with respect to the audited financial statements and other audited reports.
(d) In cases in which the audit is to be performed by an official auditing agency and such agency is unable to perform the audit in accordance with requirements satisfactory to the Bank or within the deadlines, for the period of duration or with the frequency mentioned in this Agreement, the Beneficiary or the Executing Agency, as the case may be, shall select and contract the services of independent auditors acceptable to the Bank, as provided under section (c) above.
(e) Notwithstanding the provisions above, the Bank may, on an exceptional basis and subject to prior agreement between the parties, select and hire the services of independent auditors to prepare the financial statements and other audited reports required pursuant to this Agreement when:
(i) the benefits of the selection and hiring ...
External Audit. The Board and management need to ensure the statutory auditor is both independent and seen to be independent. The purpose of an independent statutory audit is to provide shareholders and investors with reliable and clear financial reports on which to base investment decisions. The Audit and Risk Committee's external audit responsibilities include:
(i) making recommendations to the Board on the appointment, remuneration and monitoring of the performance and independence of the external auditor;
(ii) ensuring any suggestions by management that the auditor needs to be replaced or that the audit needs to be put out to tender are referred to and examined carefully by the Audit and Risk Committee with it reporting to the Board on its examination before any decision is made by the Board;
(iii) reviewing the external auditor’s fees and being satisfied that an effective, comprehensive and complete audit can be conducted for the set fee;
(iv) at the start of each audit, agreeing on the terms of the engagement with the external auditor;
(v) inviting the external auditor to attend Audit and Risk Committee meetings to, at least, review the audit plan, discuss audit results and consider the implications of the external audit findings for the control environment;
(vi) together with the external auditor, reviewing the scope of the external audit (particularly the identified risk areas) and any additional agreed procedures on a regular and timely basis;
(vii) enquiring of the auditor if there have been any significant disagreements with management irrespective of whether or not they have been resolved;
(viii) monitoring and critiquing management’s responsiveness to the external auditor’s findings and recommendations;
(ix) reviewing all representation letters signed by management and ensuring the information provided is complete and appropriate;
(x) providing the opportunity for the Audit and Risk Committee members to meet with the external auditors without management personnel being present at least once a year;
(xi) reviewing the external auditor’s independence based on the external auditor’s relationships and services with the Company and other organisations that may impair or appear to impair the external auditor’s independence; and
(xii) requesting the external auditor to attend the AGM of the Company to answer any audit related questions from shareholders.
External Audit. 10.1. The Comptroller & Auditor General (C&AG) audits UK Sport’s annual accounts. Ministerial approval must be given before the C&AG can sign off the accounts.
10.2. In the event that UK Sport has set up and controls subsidiary companies: ● UK Sport will ask (or will have asked) HM Treasury to designate the company as either profit making or non-profit making ● where HM Treasury determines that the company is non-profit making, it will be (or will have been) included in a GRAA Order, which will make (or will have made) the C&AG its statutory auditor. The company should appoint the C&AG as auditor by agreement until such time as the GRAA Order is issued ● where HM Treasury determines that the company is profit making, it should either appoint the C&AG when its audit contract next comes up for renewal or, where they are required to go out to tender for audit services, the C&AG should be invited to compete. Where the C&AG is not appointed, the company must clearly explain the reasons for selecting a different auditor to DCMS.
10.3. The C&AG: ● will consult the Department and UK Sport on whom – the NAO or a commercial auditor – shall undertake the audit(s) on his behalf, though the final decision rests with the C&AG ● has a statutory right of access to relevant documents, including by virtue of section 25(8) of the Government Resources and Accounts Act 2000, held by another party in receipt of payments or grants from UK Sport Agreed Version - 21/02/2017 ● will share with DCMS information identified during the audit process and the audit report (together with any other outputs) at the end of the audit, in particular on issues impacting on the Department's responsibilities in relation to financial systems within UK Sport ● will, where asked, provide departments and other relevant bodies with Regulatory Compliance Reports and other similar reports which departments may request at the commencement of the audit and which are compatible with the independent auditor's role.
10.4. The C&AG may carry out examinations into the economy, efficiency and effectiveness with which UK Sport has used its resources in discharging its functions. For the purpose of these examinations the C&AG has statutory access to documents as provided for under section 8 of the National Audit Act 1983. In addition, UK Sport shall provide, in conditions to grants and contracts, for the C&AG to exercise such access to documents held by grant recipients and contractors and sub-contractors as may b...
External Audit. Development may select an outside auditor to audit not more often than annually the Lender’s files for loans and other documents under the Collateral Enhancement Program. Development shall be responsible for the expenses and costs of the outside auditor under this section.
External Audit. (a) The Borrower shall present to the Bank, directly or through the Executing Agency, within the deadlines, for the period of duration, and with the frequency provided in the Special Conditions of this Contract, the financial statements and other reports, and any additional financial information that the Bank may request, in accordance with accounting principles and standards acceptable to the Bank.
(b) The Borrower agrees to have the financial statements and other reports, as indicated in the Special Conditions of this Contract, audited by independent auditors acceptable to the Bank, in accordance with auditing principles and standards acceptable to the Bank, and to present to the Bank´s satisfaction such information as may be requested by the Bank related to the independent auditors whose services have been engaged.
External Audit. Audit conducted by non-Contractor personnel, to assess Contractor’s level of compliance to applicable regulations, standards, and contractual requirements.
External Audit. 1. The Council shall appoint external auditors and shall fix their fees and remuneration at the beginning of each financial year.
2. The Executive Secretary shall cause to be prepared and audited annual statements of accounts for the Secretariat and Commissions, and submit them to the Council for approval.
External Audit. 10.1 The Comptroller & Auditor General (C&AG) audits the BFI annual accounts. Ministerial approval must be given before the C&AG can sign off the accounts.
10.2 In the event that the BFI has set up and controls subsidiary companies:
External Audit. 11.12.1 The Accounts Commission will appoint the external auditors to the Integrated Joint Board. The external auditor will submit an annual external audit plan to the Audit Committee prior to the start of each financial year. All reports prepared by the external auditor will be submitted to the Audit Committee.
External Audit. 4.5.1 The vendor must ensure that the web hosting environment and the application is secured using information security best practices.
4.5.2 The external service, system, and application must pass a yearly penetration test performed by Orange County ISS personnel. Alternatively the vendor can provide the results of an external audit conducted by a reputable 3rd party security company.
