feels the required additional audit at Section IIB of Schedule 4 of the Grant Agreement is no longer necessary and supports the removal of the conditionality. Finance Date Ln/Cr/TF Agreement Description of Covenant Status Action Due Reference Finance Agreement :Section II, B-1 | Description :The Recipient shall maintain or cause to maintain a Complied No TF-96649 financial management with Change system in accordance with Section 2.07 of the Standard Conditions | Frequency :Quarterly Finance Agreement :Section II, B-2 | Description :The Recipient shall prepare and furnish to the Bank, not later than 60 days Complied No TF-96649 after the end of each with Change calendar quarter, interim financial reports for the Project covering the quarter. | Frequency :Quarterly Finance Agreement :Section II, B-3 | Description :The Recipient shall have its Financial Statements for Complied No TF-96649 the Project audited which with Change shall cover the period of one fiscal year, and furnished to the Bank not later than six months after. | Frequency :Yearly Finance Agreement :Section II, B-4 | Description :The Project be reviewed by the Internal Audit Service Not Marked (IAS) of DENR and DA, TF-96649 complied for as applicable, at the end with Deletion of each calendar semester starting December 31, 2011, and furnish a report in 90 days. | Frequency :Semestral
feels the required additional audit at Section IIB of Schedule 4 of the Grant Agreement is no longer necessary and supports the removal of the conditionality. Ln/Cr/TF Finance Agreement Reference Description of Covenant Date Due Status Action TF-96649 Finance Agreement :Section II, B-1 | Description :The Recipient shall maintain or cause to maintain a financial management system in accordance with Section 2.07 of the Standard Conditions | Frequency :Quarterly Complied with No Change TF-96649 Finance Agreement :Section II, B-2 | Description :The Recipient shall prepare and furnish to the Bank, not later than 60 days after the end of each calendar quarter, interim financial reports for the Project covering the quarter. | Frequency :Quarterly Complied with No Change TF-96649 Finance Agreement :Section II, B-3 | Description :The Recipient shall have its Financial Statements for the Project audited which shall cover the period of one fiscal year, and furnished to the Bank not later than six months after. | Frequency :Yearly Complied with No Change TF-96649 Finance Agreement :Section II, B-4 | Description :The Project be reviewed by the Internal Audit Service (IAS) of DENR and DA, as applicable, at the end of each calendar semester starting December 31, 2011, and furnish a report in 90 days. | Frequency :Semestral Not complied with Marked for Deletion
Restructuring-Paper-Finalized-P101076-2015-11-26.docx