approved rates, clear audit trails exist to verify the identity of the trainees/ participants and training allowances paid, amounts spent on training materials and training venues etc. Fund Flow and Disbursement Arrangements.. Provision In The Financing Agreement provides for the transfer of IDA fund for the project to the Implementing Agency University Grant Commission (UGC) through a Convertible Taka Special Account (CONTASA) the Designated Account (DA) for the project. For implementation of AIF activities at the field level, IDA Fund will flow to a separate operating accounts (OAs) of the participating educational institutions under the project. The auditor will therefore verify and report whether all IDA funds have been transferred and used in accordance with the conditions of the Credit and Financing Agreement, with due regard to economy and efficiency, and only for the purposes for which the funds were provided; all participating educational institutions maintain separate operating bank account to receive IDA funds; Private Universities while submitting fund request also submits evidence of depositing their share of 20% contribution in the operating account.. Financial Monitoring Reports (FMRs) used as the basis for withdrawing accurately reflects actual and forecast expenditures of the program Operating Costs The auditor will further verify and report if IDA funds used on Operating cost were for the project expenditures included in the definition of Operating Cost as included in the Financing Agreement. The auditor is required to verify and report as to whether operating costs : related to the implementation of the project activities; wholly, exclusively and necessarily incurred in the implementation of project activities; duly authorized, approved and properly recorded; related documents available in their verification 8.0. Audit Resources: The key personnel in the audit team and their minimum qualifications are stated below: The audit assignment shall be led by a Team leader / Engagement partner with a minimum of 6 years post–qualification experience as a practicing Chartered Accountant, preferably with proven knowledge and experience in providing assurance on development projects in social/ education sector, in assessing the adequacy of internal controls and systems that would prevent leakage of resources in implementation of programs/operations
approved rates, clear audit trails exist to verify the identity of the trainees/ participants and training allowances paid, amounts spent on training materials and training venues etc. Fund Flow and Disbursement Arrangements.. Provision In The Financing Agreement provides for the transfer of IDA fund for the project to the Implementing Agency University Grant Commission (UGC) through a Convertible Taka Special Account (CONTASA) the Designated Account (DA) for the project. For implementation of AIF activities at the field level, IDA Fund will flow to a separate operating accounts (OAs) of the participating educational institutions under the project. The auditor will therefore verify and report whether all IDA funds have been transferred and used in accordance with the conditions of the Credit and Financing Agreement, with due regard to economy and efficiency, and only for the purposes for which the funds were provided; all participating educational institutions maintain separate operating bank account to receive IDA funds; Private Universities while submitting fund request also submits evidence of depositing their share of 20% contribution in the operating account.. Financial Monitoring Reports (FMRs) used as the basis for withdrawing accurately reflects actual and forecast expenditures of the program Operating Costs The auditor will further verify and report if IDA funds used on Operating cost were for the project expenditures included in the definition of Operating Cost as included in the Financing Agreement. The auditor is required to verify and report as to whether operating costs : related to the implementation of the project activities; wholly, exclusively and necessarily incurred in the implementation of project activities; duly authorized, approved and properly recorded; related documents available in their verification 8.0. Audit Resources: The key personnel in the audit team and their minimum qualifications are stated below: The audit assignment shall be led by a Team leader / Engagement partner with a minimum of 6 years post–qualification experience as a practicing Chartered Accountant, preferably with proven knowledge and experience in providing assurance on development projects in social/ education sector, in assessing the adequacy of internal controls and systems that would prevent leakage of resources in implementation of programs/operations
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