Common use of Procurement Audits Clause in Contracts

Procurement Audits. The Recipient shall have all procurement activities undertaken by it under the Project audited annually by auditors under terms of reference and with qualifications and experience satisfactory to the Association. Each such audit shall cover the period of one Fiscal Year and shall be furnished to the Association not later than 6 months after the end of such Fiscal Year.

Procurement Audits. The Recipient shall have ensure that all procurement activities undertaken by it under the Project are audited annually by auditors under whose terms of reference and with reference, qualifications and experience shall be satisfactory to the AssociationAssociation and who shall be engaged in accordance with the provisions of Section III of this Schedule. Each such audit shall cover the period of one Fiscal Year fiscal year of the Recipient and shall be furnished to the Association not later than 6 six (6) months after the end of such Fiscal Yearfiscal year.

Procurement Audits. The Recipient shall have all procurement activities undertaken by it under the Project audited annually annually, commencing with its Fiscal Year 2011, by auditors under terms of reference and with qualifications and experience satisfactory to the Association. Each such audit shall cover the period of one Fiscal Year and shall be furnished to the Association not later than 6 months after the end of such Fiscal Year.