function) strengthened and mechanisms/types of oversee management of the financial regulations progress reports to the SPREP become adequate/in audit issues raised by the Governing Council Audit Reports compliance with financial internal auditor. Meeting for Number of external regulation & procedures. discussions and SPREP audits of audits financial Limited SPREP approval. Governing control fiduciary capacity. Council Meeting Management response EU audit in 2008, 2011, approval of and action plans for and end of 2014. external auditor every audit are reports. channeled through the independent audit committee consisting of Non-SPREP staff. New Policies introduced through this project will need time to be tested and reported back to the GEF; Stage II application will be affected from the lack of evidence to testify the success of new policies that would meet GEF minimum accredited standards. Objectively verifiable indicators Sources of Project Strategy Risks and Assumptions verification Indicator Baseline value Target value and date Output 2.2: Extent to which SPREP Limited internal control SPREP's internal control SPREP Internal Internal control has functioning internal framework. SPREP framework and procedures Control frameworks will Financial Management and control framework Financial Regulations. are revised/developed and Framework consolidate all of Control Frameworks meet GEF Minimum Approved. SPREP's operational strengthened and meet Extent to which Roles Procurement Manual. GEF’s accreditation standards. and management accreditation standards. and responsibilities Meeting minutes Financial Manual of procedures and
function) strengthened and become adequate/in compliance with financial regulation & procedures. mechanisms/types of audit Number of external audits of audits financial control oversee management of issues raised by the internal auditor. Limited SPREP fiduciary capacity. EU audit in 2008, 2011, and end of 2014. the financial regulations progress reports Audit Reports SPREP Governing Council Meeting approval of external auditor reports. to the SPREP Governing Council Meeting for discussions and approval. Management response and action plans for every audit are channeled through the independent audit committee consisting of Non-SPREP staff. New Policies introduced through this project will need time to be tested and reported back to the GEF; Stage II application will be affected from the lack of evidence to testify the success of new policies that would meet GEF minimum accredited standards. Project Strategy Objectively verifiable indicators Sources of verification Risks and Assumptions Indicator Baseline value Target value and date Output 2.2: Financial Management and Control Frameworks strengthened and meet GEF’s accreditation standards. Extent to which SPREP has functioning internal control framework Extent to which Roles and responsibilities Limited internal control framework. SPREP Financial Regulations. Procurement Manual. Financial Manual of SPREP's internal control framework and procedures are revised/developed and meet GEF Minimum accreditation standards. SPREP Internal Control Framework Approved. Meeting minutes Internal control frameworks will consolidate all of SPREP's operational and management procedures and
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