Author Topic: Experience in External Audit of Development Fund  (Read 181 times)

skgujral

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Experience in External Audit of Development Fund
« on: November 17, 2012, 13:23:52 GMT »
I have been involved on the Statutory Audits of the Development Funds Projects funded by World Bank, IDA under the PFM Reforms Programme in one particular country for some time and my experience in the Accounts and Finance in the projects are as follows:

• Weakness in internal controls in processing the payments resulting in revenue loss to the Government as no deduction of taxes; tax not calculated correctly and taxes deducted but not deposited with the Government.
• Proof of payments under Direct Contract (Community Contract) labour payment proof, labour attendance record etc. in these payments were found missing.
• Projects making payments of Ineligible expenses as per auditor.
• Ghost employees
• Double Payments to contractors.
• Invoices of Contractors were not properly checked,
• Cash book of Project not properly made as one can never know the day to day balance from the records.
• Cash advances were not settled on timely basis.
• Physical verification of vehicles donated to the project was difficult.
• Procurement procedure of World Bank not followed.
• Procurements of computers and other assets not deployed for months.
« Last Edit: November 17, 2012, 14:58:38 GMT by Napodano »

 

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