- and the said cost will also be provided in the activity schedule over a period of six years depending on the physical targets proposed to be achieved during the various years of the project period.
- For proper monitoring over the implementation of the various programmes under MACP and also to keep control over the expenditure on different components in relation to the budgeted provisions, quarterly / six monthly / annual reports will be submitted by PIUs to the PCU.
- A Financial Manual for the project has been prepared stating in detail the procedure pertaining to financial management.
i. The internal audit of the Accounts of the expenditure under MACP will be conducted by a firm of Chartered Accountant (CA) whereas the external audit of the accounts till the stage the funds flow will be through BDS will be conducted by the office of the Accountant General (AG). Likewise external audit of accounts of MSAMB relating to MACP project will be conducted by AG/Chartered Accountant. The external audit of all other accounts will be conducted by Chartered Accountants appointed on contract regionwise by PCU as per WB procurement procedure.
ii. The C.A. would be selected by following the procurement procedure laid down by the World Bank.
- The Audit, of the accounts of the previous year will be conducted every year immediately within 3 months after the closure of the previous year.
- The Audit Report shall contain observations regarding the observance of procurement procedures followed in awarding contracts, sanction and disbursement of funds, utilization of funds, maintenance of accounts and other related books of accounts and other records.
The auditor shall vouch and verify all the transactions and certify whether the balance sheet and annual accounts of the component / sub components reflects on the true financial condition of the project.
C. 4 Monitoring and Evaluation ( M & E) :
- The Project Monitoring