Annexure 24

in three phases with 10, 11 and 12 district in phase I, II and III respectively. The   Project involves the fund flow to three line departments and autonomous bodies. The three line departments involved are Agriculture, Co-operation & Marketing and Animal Husbandry. The Co-operation and Marketing Department is the Nodal Department. The autonomous bodies involved are :
1) MSAMB – Maharashtra State Agricultural Marketing Board – Nodal Agency for the project. (under Co-operation and Marketing Department)
2) MSWC – Maharashtra State Warehousing Corporation (under Co-operation and Marketing Department)
3) 33 ATMAs in the State (under Agriculture Department)
4) Other training institutions
            VANAMATI (under Agriculture Department)
            NIPHT (under MSAMB)
The Finance Department of the GoM will initially provide the funds to Co-operation and Marketing Department which will further reallocate the funds to Agriculture and Animal Husbandry Department.
As the funds received and expenses incurred are on large scale, it is necessary to do accounting and auditing of the funds properly.
As the total volume of accounting is very vast and complex, it  can result in errors or mismanagement of funds. As far as external audit of funds received in MACP in concerned the funds received through BDS will be audited by Accountant General   and non BDS funds and beneficiary contribution will be audited by a Chartered Accountant. The internal audit of MACP accounts will be done a separate Firm of Chartered Accountants to be taken on contractual basis as per guide lines given by the World Bank.
3) The fund flow for the project is attached in Annexure 1
4) The accounting centres for the project is attached in Annexure 2.
 
II. Internal Audit:
The essence of the World Bank audit policy is to ensure that the bank receives adequate, independent, professional, audit assurance that the proceeds of World Bank loan were used for the purposes intended, that the audit

Dept/Cell: 
Finance