Catalog

A.

Authenticity and Timeliness

YES

NO

NA

Remarks

1.

Are the annual financial statements signed by the entity’s management?

2.

Is the audit report signed by the auditor?

3.

Was the report received within a reasonable time after signing?

4.

Was the report received within the period covenanted?

5.

Is there a copy of Management Letter?

B.

Opinion

YES

NO

NA

Remarks

1.

Was the auditor’s opinion unqualified?

2.

Was the examination asserted to be made in accordance with generally accepted uniform standard of auditing?

3.

Were generally accepted accounting principles assertedly applied on a basis consistent with that of the preceding year?

4.

Is a precise and “clear” opinion provided on:
-        Financial position?
-        Results of operations?
-        Sources and Application of Funds? 

5.

Does the paragraph of the scope of the audit cover examination of the:

-        Profit and Loss Statement?
-        Statement of Changes in Financial Position?
-        Balance Sheet? 

6.

Does the report address the auditor’s objectives under the Loan Agreement?

7.

Does the audit report contain an opinion on whether the entity is breaching any of the covenants of ADB’s or other legal agreements?

C.

 Financial Review

1.

 Summary of Financial Performance covering:

-  Sales Performance (revenue and volume)
-  Profitability
-  Energy Generated
-  Energy Sold
-  Energy Loses (generation, T&D)
-  Tariffs (average tariff/kWh)
-  Liquidity
-  Leverage
-  others.

 Unit

 FY

2.

 Financial Ratios (Actual vs Covenanted)
-  if applicable

-  Rate of Return on Fixed Assets*/
-  Self Financing Ratio
-  Debt Equity Ratio
-  Collection Period (Accounts Receivable)
-  others.

*/Revalued or not revalued

Covenant

Actual

3.

Conclusions:

 4.

 Follow up actions needed (if any)