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Discussion on Auditing Procedure

Display Date: 10/16/13
This space is created for the FM Forum Asia Pacific participants to share their ideas, queries and anlaysis of Auditing related issues.
The questions will be answered by Finance Officers Md. Abodu Boussalem, Mr. Claudio, Mr. Dario, and Ms. Irene.
Please feel free to use this space for sharing your relections, ideas and asking queries. 
 
Thank you.
Comments
Day 3: Presentation on External Audits by Claudio
General impression:
Presentation was very good and complete. Informative and clarifying not only how but also why audits are crucial! Also made very clear that IFAD regards the external audit process as a joint process in which IFAD wants to play an active supporting role.
Presentation very lively and Claudio’s emotion on the subject is welcome!
What should be elaborated upon?
• Relation between General conditions/FA, PIM, eligibility and auditing financial statements. Financial statements is only part of compliance.
• ARS
• In which cases National Auditing Agency is acceptable and when private auditor is obligatory.
• Different opinions of auditor could be enriched with some real life examples. And consequences of the respective opinions in terms of follow-up / repercussions by IFAD.
For discussion purposes, I would recommend a more comprehensive audit requirement / regime that obliges borrowers to broaden financial audits with operational / compliance audits as the financial audits are in my view too limited as legitimate proof of compliance in relation to General Conditions/ Financial Agreement, PIM etc.

Posted on 10/16/13 5:41 AM.

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