Annexure 23

  1. audit clerks, paid assistants to be furnished ( total number preferably not less than 5 numbers )

  2. Selection procedure shall be finalized in consultation with the Bank procurement specialist.

 2)   Fees of External Auditor:
                  The payment of the fees for the services of the CA  will be done by the PCU
3) Tenure:
Initially the appointment of CA  at each region would be for a period of one year. It may be renewed thereafter periodically on satisfactory performance of the firm.

IV. Reporting Arrangement
1) Audit report :
a)   The auditor should provide an opinion on whether the project financial statement have been prepared in accordance with consistently applied Accounting standards of Institute Chartered Accountant of India and whether they give a true and fair view of the operations of the project during the year and the financial position of the project at the close the financial year. Any material deviations from these standards and the impact of these deviations on the project financial statements   as presented should be stated.
b)   for withdrawals from the IDA Credit made on the basis of Interim Un-audited  financial Reports whether the above reports are submitted during the year, together with the procedures and internal controls involved in their preparation, can be relied on to support the related withdrawals.
2) Management Letter :
The auditor will also provide a Management Letters to project management highlighting findings during the audit, which will inter alia include:
a) Matters that were noted during the audit which might not be material enough to affect the audit opinion, but nevertheless significant enough to be reported to the management
b)  Any other matters that the auditor considers pertinent
3) Reporting:
The external audit reports shall be submitted by the concerned auditors (CAs) to Project Director, PCU before 30 th September  of the year subsequent to the