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Name of legal entity Country Overall project value (EUR) No of staff provided Name of client Origin of funding Dates (start/end) Name of partners
European Agency for Reconstruction Serbia 164.000 A: 128 MD B: 32 % European Agency for Reconstruction CARDS 10.09.2007 - 10.12.2007 Available upon request

VERIFICATION OF EXPENDITURE PROCEDURES FOR THE EUROPEAN AGENCY OF RECONSTRUCTION ON GRANTS UNDER THE ACTIVE LABOUR MEASURES AND ENTERPRISE DEVELOPMENT AND INNOVATION FUND PROGRAMMES

DETAILED DESCRIPTION OF PROJECT

Global objective

The global objective of the assignment is to ensure that all the required conditions were observed in the selection of auditors and in the auditing of all projects i.e. that all audits were completed in accordance with the recognized standards of the International Accounting Standards, International Standards on Auditing, and in compliance with the ToR of the EAR on the selection of the auditors and that the execution of the auditing procedures are the same as those prescribed in the ToR for the operation of the audits.

Specific objective(s)

The specific objectives are as follows:

  • To ensure that all the projects were in compliance within the ToRs as specified by the EAR in the selection of audit companies or individual auditors.
  • To select 20 projects of the total number of projects (15 + 26) and perform a due diligence report on the process of the selection of auditors and access the standard of audits preformed. It is required to ensure that all the selected projects audits conform to the recognized standards of the International Standards of Accounting, International Standards for Auditing and in compliance with the ToR as specified by the EAR for audits. The selection of the projects to be evaluated will be undertaken in agreement with the EAR. This will include on-site visits and verification of procedures, documents, income and expenditure procedures, bank accounts etc. and ensure that the selected audits are performed according to the specified standards as per the ToR for the auditing of projects.

TYPE OF SERVICES PROVIDED

The following activities have been completed:

  • Undertook a verification process that ensured that all the projects were in compliance within the ToRs as specified by the EAR in the selection of audit companies or individual auditors.
  • Performed verification audits on 20 projects, 7 from ALMM fund and 13 from EDIF.
  • Check that that due diligence was done in the selected projects according to International Accounting Standards, International Auditing Standards and according to the prescribed audit procedures of the EAR.

Provided outputs:

  • Submitted an Inception report outlining approach, activities, changes to time frame, outputs and recommendations.
  • Performed a due diligence report on all projects on the selection of Auditors as outlined by the EAR in the instructions (ToR) provided to successful Grant Beneficiaries.
  • Completed verification report on audits, audit procedures and audit reports on 7 ALMM fund projects to access compliance with International Accounting standards, International Auditing Standards and in compliance with the ToR for auditing for successful Grant Beneficiaries as specified by the EAR.
  • Completed the verification report on audits, audit procedures and reports on 13 EDIF projects to achieve compliance with International Accounting Standards, International Auditing standards and in compliance with the ToR for auditing for successful Grant Beneficiaries as specified by the EAR.
  • Completed final report on the total assignment, specifying the level of competency of the audits and procedures and to make recommendations for future audits and/or procedures.