Minis try of Education, Bangladesh Secretariat, Dhaka-1000. Audit completion da te : 04-12-201 4 I. We have audited th e accompanying Financial Statement of "Higher Education Quality Enh ancement Project (HEQEP)" as of June 30, 2014 and for the ye ar then ende d. The preparation of financial statement is the responsibility of Management. Our responsibility to e xpr e .., an opinion on t he Financial Statement I based on our audit. !I. We c nducled our audit following International Standards on Aud iting. Those standards require that we plan and perform the audit to obtain reasonable assur ance about whether the Finan ·wl Statement is free from mate rial misstatement. An audit includes examining on a te st hasis evidence supporting the amounts and disclosures in the Financial Statement. .\n audit also includes asse ing the accounting principles used and sig nificant estimates mad t: by lanagem e nt as well as evaluating the overall Financial Statement presentation. We hdieve that our audit provides a reasonable bas i-. for our opinion. II I. The n: ults of our audit disclosed the following mate ri al aspects which affected the Fin.mcial S ta tement: a) Advan ce am unting Tk.5900793. 00 not adjusted during the yea r. But the amount was shown in expenditure in the Financial Statement (FS). As a result expenditure overstated in the D tails are shown in Annexure-"B" Para no-02 ). IV. In o ur opinion. t:, cept ac; stated in the preceding paragraph and non-compliance of finan ·ial rule and r gulati( ns in sub equent obs rvations al on g with the financial position of management letter follo\\ ing the Financial Statement giH' a fair view and true in all mat erial aspects, of the .. Higher Education Qua lity Enhancement Pro jec t (HEQEP)" as at 30 Ju ne, 201 4 and th e resu lts of it: operations and cas h flows for the year then ended in accordance with the cash basis of accounting f !lowed by the Government of Bangladesh . Opinion statu : Qualified. . (Md.Mamun-Ul-Mannan) f De pu ty Director For Director General Foreign Aided Proj ec ts Audit Directorate Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized
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World Bank Document · 2016-07-08 · Add: Total Amount Deposited by World Bank till June 30. 2014 (note -1) Total amount refunded to cover eligible expenditure Deduct: Total amount
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Secr~Lary ,
Minis try of Education, Bangladesh Secretariat, Dhaka-1000.
Audit completion date : 04-12-2014
I. We have audited the accompanying Financial Statement of "Higher Education Quality Enhancement Project (HEQEP)" as of June 30, 2014 and for the year the n ended. The
preparation of financial sta tement is the responsibility of Management. Our responsibil ity
i ~ to expre .., an opinion on the Financial Statement I based on our audit.
!I. We c nducled our audi t followi ng International Standards on Auditing. Those standards
require that we plan and perform the audit to obtain reasonable assurance about whether
the Finan ·wl Statement is free from materia l misstatement. An audit includes examining
on a test hasis evidence supporting the amounts and disclosures in the Financial Statement.
.\n audit also includes asse ing the accounting principles used and significant estimates madt: by lanagement as well as evaluating the overall Financial Statement presentation.
We hdieve that our audit provides a reaso nable basi-. for our opinion.
II I. The n: ults of our audit disclosed the following material aspects which affected the
Fin.mcial S ta tement:
a) Advance am unting Tk.5900793 .00 not adjusted during the year. But the amount was
shown in expenditure in the Financial S tatement (FS). As a result expenditure overstated in
the F.~ D tails are shown in Annexure-"B" Para no-02). IV. In our opinion. t:, cept ac; s tated in the preceding paragraph and non-compliance of finan ·ial
rule and r gulati( ns in sub equent obs rvations along wi th the financial position of management
letter follo\\ ing the Financial Statement giH' a fair view and true in all material aspects, of the
.. Higher Education Quality Enhancement Project (HEQEP)" as at 30 Ju ne, 2014 and the
results of it: operations and cash flows for the year then ended in accordance with the cash basis
of accounting f !lowed by the Government of Bangladesh .
~~ .~:2-b;rB Md. Zaha~dc >...7 I • ~ r Project Director (Additional Secretary )
Higher Educatio n Quality Enhancement Project
GOB Ex pen cs ! for Curren t
Period
182."'0
o.-7
131.5..,
0.06
0.-t:.'
or 0.12
0.0
315.82
I
·,
Higher Education Quality Enhancement Project !'IOT ES TO TH E F I!'IANCIAL ST ATEME~T
301h June, 2014
GOVER!'IMCYf Of' BA~GLADESH .
Fu nd!> are al !o.:ateu b) the g \·crnment of B;mgladesh to cov.:r (J B's share f eligi ble pro iect expenditure, as specified in th,· pr icct pro-forn a anJ in the ,·\ nnual De\-elopm nt ProgrJmme for each year f the proj.:ct. An) allocated funds
th.!t ha\c n(lt !"I c:n t::X r : nJed b) the .:nd of the iiscal )e. r laspe nd must be rcturnd t GOB. OB contribution to the pro jcll since im.epti 11 are as fo lln\' (in lak.h Taka)
Taka in Lakh Inception to For the yea r Incept ion to
Th · lOA has prf• iJeJ . unJs 111 th~ ~ rojcct h. ::o\ er it' ,hare of eligible r •. k ct expenditures. These fun s , which must bt. r ~ r ,t iJ t• ID \ <~ ftcr t•t .. t ndusi n of thc roject, ha ' been Jn, an b; the project in accor ance with the foll0wing \A ithurwa l rr c' CcJurcs ·n lakh TakJ I
laka in Lakh Incept ion to Fo r the year Inception to
Higher Education Quality Enhancement Project For the year ended June 30, 2014
Fi nancial Year 201 3- 2014 CONTASA Account Statement (IDA)
Note: 1 Amount i:-1 SOT
Cumulative advances from tnceptior to ...1p until Marcn 12. 2014 6,053,186,758.31 Add: Advance received on June 2S , 2014 for additional financing 1 084,000,000 .00
Total amount deposited I advanced by world bank 7,137,186,758.31
Note: 2
Expenditu·e docurTented bf HEQEP unti \ March 3' 20 1~ 3 5J1,1 64 ,S51.45 Add· Expenditure to be documented from April to June 30 2014
1 jfor old financing I lean number 45440- 8 0 1,591,324,095.32
2 !for r.ew financing I loan number 53320 - 8 0 20 676,461.00 Total amount recovered I documented by World Baf'k 5,113,'1 65,507.77
Note: 3
Regar ing CO TP..SA ceginning and er d1 g ban K balance a o .... t rease ~; e r fy ,,., . h tank :-:'c rma:ior
.. AUDIT OPINION ON SOE
We have audited the Statement of Expenditure (SOE) of the "Higher Education
Quality Enhancement Project" fo r the year than ended 30th June 2014 submitted to the
World Bank for reimbursement of expendi ture in accordance with the IDA credit
agreement.
The audi t was conducted follow ing International Stand rd on Auditing.
Ac ·ordingly. it included such tests of the accounting and supporting documents, review of
:ystt.:m of intt: rnal controL ~o fa r exists. and adopting necessary auditing procedures that
we considered essential under the circumstances.
WITHDRAWAL/SOE PARTICUlARS
Withdrawal application /SOE. The Project authori ty claimed Tk.1637252881.70
for reimburse but the Donor disbursed an amount of Tk.1234554150.00 which was cl im
submitted \\ ith previous year. A" such less di bursed Tk.402698731. 70 (Tk.
lo37252RR 1.70 - Tl-.. 1234:541 50.00). Details are shown in Annexure- '"B"
OPINION
In our opinion, World Bank could rely upon the Statement of Expenditure (SOE),
c.\cept a discussed in the oh~crvation · is~ued under section-II of this report, to support the
applications for redit disburc;ement for expendi ture incurred for the purpose of the Project
specified in the particulars o withdrawal applications. .~
~~ _.) ·;, I · I ~ [ <-t
(Md.Mamun-Ul-Mannan) j Deputy Director
For Director Ge neral Foreign Aided Projects Audit Directorate