Where
the audit opinion is qualified, is there sufficient information
to quantify the effects of qualification on the: Balance Sheet
Income Statement and Cash Flow Statement?
(2)
Does
the audit report contain an opinion on whether the entity/
borrower is complying with/ breaching any ADB covenants or
other legal agreements? For instance:
Utilization
of loan proceeds (e.g., diversion of ADB funds, utilization
for aspects where counterpart funds should have been used,
etc).
Statement
of Expenditures (splitting of payments to avoid SOE ceiling,
amount inadmissible).
Imprest
Fund (used for aspects meant for counterpart funds).
Agreed upon matters between ADB and Borrower that require
special attention.
For
revenue-earning EAs/Borrower (significant changes in financial
statement balances between financial years, significant
bad debts, unrecorded liabilities, etc).
(3)
Did
the audit examine the efficiency of systems of internal control?
If so, does the audit report disclose any material deficiencies
or weaknesses in the accounting system or overall system of
internal control?
(4)
Does
the audit report confirm, or otherwise, that financial management
systems employed by the EA conformity with ADB requirements
in the loan agreement?
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