Submit annual original and revised budget proposals to the planning wing to obtain the Planning Commission's approval under the Annual Development Plan (ADP) and the Revised ADP. Actual expenditures for the project are measured against budgets for each quarter; budget variances and their rationale are reported and discussed in the Interim Unaudited Financial Report (IUFR). Project Accounting System: The project management has developed a computerized financial management system for its financial accounting and generating financial reports for submission to the World Bank and the Government. The method based on “double entry” each cash system of accounting has been followed in the project. The Project Accounts are maintained on the agreed format. Based on monthly data captured at PMU with back up documentations for every entry of Cash/ Bank books, the SFMS of PMU are preparing summary accounting receipts and payments with due reconciliations to the Project Bank accounts in every month and submitting quarterly financial statement soft / printed version to the PD. In addition to maintaining project accounting system PD is regularly reporting financial progress using several agreed formats to the Bank ant the Government. Disbursement Process: The project is maintaining two designated accounts- Convertible Taka Accounts (CONTASA) in Sonali Bank Ltd. SoEs and records support the application for uses of the advances. The PMU is using the following financial formats developed by SFMS and agreed by Bank for disbursement. Statement of Expenditure (SoE) Detailed Statement of Expenditure Bank Reconciliation Statement Procurement Request Quarterly Progress Report Implementation Problems and Safeguard Measures Contract Implementation Report The PD should follow the mandatory requirement of the Bank for disbursement process. World Bank will require full documentations where contracts for: Goods exceeds US$ 300,000 Work exceeds US$ 500,000 Consulting Firm exceeds US$ 100,000 Individual Consultant exceeds US$ 50,000 Expenditures below the above thresholds will be claimed through statement of expenditures (SoEs). The PMU is submitting regular withdrawal application to the Bank on agreed Bank’s formats for replenishment of DA on the basis of actual expenditure. Auditing: To strengthen the overseeing capacity it will be necessary to conduct periodic internal audit. The project will undergo an additional annual operational review conducted by
Submit annual original and revised budget proposals to the planning wing to obtain the Planning Commission's approval under the Annual Development Plan (ADP) and the Revised ADP. Actual expenditures for the project are measured against budgets for each quarter; budget variances and their rationale are reported and discussed in the Interim Unaudited Financial Report (IUFR). Project Accounting System: The project management has developed a computerized financial management system for its financial accounting and generating financial reports for submission to the World Bank and the Government. The “double entry” method based on each cash system of accounting has been followed in the project. The Project Accounts are maintained on the agreed format. Based on monthly data captured at PMU with back up documentations for every entry of Cash/ Bank books, the SFMS of PMU are preparing summary accounting receipts and payments with due reconciliations to the Project Bank accounts in every month and submitting quarterly financial statement soft / printed version to the PD. In addition to maintaining project accounting system PD is regularly reporting financial progress using several agreed formats to the Bank ant the Government. Disbursement Process: The project is maintaining two designated accounts- Convertible Taka Accounts (CONTASA) in Sonali Bank Ltd. SoEs and records support the application for uses of the advances. The PMU is using the following financial formats developed by SFMS and agreed by Bank for disbursement. Statement of Expenditure (SoE) Detailed Statement of Expenditure Bank Reconciliation Statement Procurement Request Quarterly Progress Report Implementation Problems and Safeguard Measures Contract Implementation Report The PD should follow the mandatory requirement of the Bank for disbursement process. World Bank will require full documentations where contracts for: Goods exceeds US$ 300,000 Work exceeds US$ 500,000 Consulting Firm exceeds US$ 100,000 Individual Consultant exceeds US$ 50,000 Expenditures below the above thresholds will be claimed through statement of expenditures (SoEs). The PMU is submitting regular withdrawal application to the Bank on Bank’s agreed formats for replenishment of DA on the basis of actual expenditure. Auditing: To strengthen the overseeing capacity it will be necessary to conduct periodic internal audit. The project will undergo an additional annual operational review conducted by
32170PIM-MFSP-%20FINAL-13%20July%202016.docx