Annexure 23

year for which audit is conducted. (auditor should be allowed at least  three months for annual audit and at least one month for quarterly audit.
4) Project Audit Review Committee:
The audit committee at PCU will keep a watch on the audit objections raised by the auditor and take actions for the speedy settlement of the objections by timely follow up. Audit Committee will be set up under Project Director with following members.
 1) Chief Financial Controller, PCU- member
 2)  Finance Specialist, PCU- member
 3)  Nodal Officer PIU (MSAMB ) - member
 4)  Nodal Officer PIU ( Agriculture  ) - member
 5) Nodal Officer PIU ( AHD ) - member
 6)  Accounts Officer PIU (MSAMB)- member
 7) Accounts Officer PIU (Agriculture)- member
8) Accounts Officer PIU (AHD)- member
 9)  Representative of A.G. – member
10)  Representative of  C.A. firm assigned with internal audit - member
11)  Accounts Officer, PCU - member secretary
The Audit Committee will provide an update to the Principal Secretary, Agricultural Cooperation and Marketing on a six monthly basis.

V.  Support provided by MACP:

  1. The auditor would be given access to all documents, correspondence, and any other information relating to the project and deemed necessary by the auditor (including all contract document, sub-project agreements,)

  2. The auditor should become familiar with the project, and with the relevant policies and guidelines of the World Bank (including those relating to disbursements, procurement and financial management and reporting).

  3. The auditor would be provided copies of the Project Implementation Plan; Project Appraisal Document (PAD) of the World Bank; Development Credit Agreement, Project Agreement with IDA (including agreed Minutes of negotiations); Financial manual, Procurement Manual, Annual Procurement Plan and the approved Annual Work Plan of the concerned Agency.

  4. Adequate information. files, records will be made available.       

Dept/Cell: 
Finance