Annexure 24

  1. of the adequacy of the project financial management systems and internal controls. This would include aspects such as adequacy and effectiveness of accounting, financial and operational controls, and any needs for revision; level of compliance with established policies, plans and procedures; reliability of accounting systems, data and financial reports; methods of remedying weak controls or creating controls in areas where they are lacking; verification of assets.

  2. Efficiency and timeliness of the funds flow mechanism to the spending units Whether there are adequate controls to ensure that problems if any are identified by the management in a timely manner

  3. whether the fund/ tranche releases  are properly approved by the appropriate authority and the conditions /triggers for tranche release as provided in the FMM/PIP  have been complied and are in line with the financing agreement,

  4. Whether the accounts of all 80 accounting centres  are incorporated in a timely manner at the PCU level. If not whether there are adequate controls in place to identify and resolve the problem in a timely manner

  5. Are their monitoring controls to ensure compliance with provisions of financing agreements (IDA Development Credit Agreement and Project Agreement), especially those relating to procurement, and financial matters.

  6. Are their adequate controls in place and functioning effectively to ensure that procurements is carried out in compliance with Bank Procurement Guidelines .

  7. All necessary supporting documents, records, and accounts have been kept in respect of all project activities and that clear linkages exist between supporting documents, books of accounts and the periodic financial reports (internal and external i.e  Interim Un-audited Financial Reports)

  8. Bank reconciliations have been carried out on a monthly basis.

  9. That adequate record is maintained for assets created/acquired under the project, including details of cost, quantity and location. Physical verification of the assets is being conducted by the management on a periodic basis and adequate records thereof are being maintained. The management’s

Dept/Cell: 
Finance