Common use of Financial Management, Financial Reports and Audits of the Project Clause in Contracts

Financial Management, Financial Reports and Audits of the Project. 1. The Recipient shall maintain or cause to be maintained a financial management system in accordance with the provisions of Section 4.09 of the General Conditions. 2. The Recipient shall have its Financial Statements audited in accordance with the provisions of Section 4.09(b) of the General Conditions. Each audit of the Financial Statements shall cover the period of one (1) Fiscal Year of the Recipient. The audited Financial Statements for each such period shall be furnished to the Association not later than six (6) months after the end of such period.

Financial Management, Financial Reports and Audits of the Project. 1. The Recipient shall maintain or cause to be maintained a financial management system in accordance with the provisions of Section 4.09 2.07 of the General Standard Conditions. 2. The Recipient shall have its Financial Statements audited in accordance with the provisions provision of Section 4.09(b2.07(b) of the General Standard Conditions. Each audit of the Financial Statements shall cover the period of one (1) Fiscal Year of the Recipient. The audited Financial Statements for each such period shall be furnished to the Association World Bank not later than six (6) months after the end of such period.