Terms of Reference for Selection of Auditors Audit Reports and Audit Review

IFAD Guidelines for Desk Review of Audit Reports Note date of receipt of the audit report Ensure auditor is acceptable to CI/IFAD Ensure audit TORs agreed to IFAD approved TORs. Verify audit report is in accordance with the covenant of the Loan agreement including SOE, SA, etc.

IFAD Guidelines for Desk Review of Audit Reports Ascertain compliance with all special covenants in the loan agreement or special conditions (e.g, financial targets for revenue-earning entity, or parallel financing, percentage of completion, exchange rate loss, etc). ENSURE ACCURATE SDR WITHDRAWAL In case of incomplete submission by the borrower, the CI (or IFAD) should communicate this to the borrower and follow up as appropriate till full submission is achieved.