Beruflich Dokumente
Kultur Dokumente
l Either:
International Standards on Auditing, issued
by IFAC (International Federation of
Accountants)
l or:
Standards for Government Auditors, issued
by INTOSAI (International Organization of
Supreme Audit Institutions)
AUDIT COMPLIANCE
TYPES OF AUDITS
l Financial
l Compliance
l Operational
FINANCIAL AUDITS
l The Implementing Organizations
Financial Statements
l Project Financial Statements
l Statements of Expenditures (SOEs)
l Special Bank Account (SA)
Implementing Organizations
Financial Statements
Overall objective is to express an
opinion on fairness of
statements
Phases:
l Understanding the Organization
l Evaluating Internal Controls
l Testing Financial Statement
Balances
Understanding the Organization
l Purpose: To determine if
information is fairly presented
l Examples:
Observation of Inventory-taking
Verification of Fixed Assets
Direct Verification with Third Parties
4 Level of Testing Might Depend on
Results from Prior Phases
Audit of Project Financial
Statements
l Overall Objectives
Statements fairly presented?
For the period
Cumulatively
l Disbursements made in accordance with:
Loan agreement
SAR
l Fair presentation of balance sheets,
especially assets
Audit of Project F/S (cont.)
l Why?
Because withdrawal requests are
not supported by documentation
submitted to the Bank
l Effect?
Results of audit are basis for
determining whether to continue
use of SOEs, or if adjustment must
be made on subsequent claims
Audits of Special Accounts
l Auditors should:
Review the SA records maintained by
the Implementing Institution
Review the SA bank statements
Reconcile (including tracking of in-
transit items)
Directly confirm balances with Bank
Examine treatment and disclosure of
interest earned on SA
Audits of Adjustment Loans
l Important issues:
TOR must satisfy financial covenants
Documentation must not have been used to
justify another adjustment loan
Claims must be properly documented
Negative list items must be verified
Cut-off dates must be verified
Requirements for Auditors