INTERNATIONAL BANK FOR RECONSTRUCTION …...the resources and expenditures for the period 26 January...

Audit of the World Bank grant recipient Management and Protection of Key Biodiversity Areas in Belize Project

INTERNATIONAL BANK FOR RECONSTRUCTION ANDDEVELOPMENT

AUDIT REPORT

AUDIT OF THE INTERNATIONAL BANK GRANT RECIPIENT

Key Biodiversity Areas in Belize Project (KBA)

FUNDED BY THE GLOBAL ENVIRONMENT FACILITY TOSTRENGTHEN NATURAL RESOURCE MANAGEMENT AND

BIODIVERSITY CONVERVATION IN KEY BIODIVERSITY AREAS(KBA'S) OF BELIZE

World Bank Grant Agreement number: TF 16773-001 BZ

Project number: P130474

Country: Belize

Auditor: Moore Stephens Magafa LLP

Period subject to audit: 26 January 2015 to 31 March 2016

This report is established by request of theInternational Bank. The views expressed inthis report are those of the external auditorand in no way reflect the official opinion of theInternational Bank. This report has beenprepared solely for use of the IntemationalBank for the purpose of the control of the useof funds of the project concerned by the audit.It may be disclosed to those official authoritieshaving regulatory right of access to it. Thisreport should not be used by any other partyor for other than its intended purpose.

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EXECUTIVESUMA M - ...... ....... -.--.--.-........ 3

THE AUDIT ENGAGEMENT...4

A UDIT OPINIONS..--... - ...............-.- -.- - --..-....--.............................- 8

STATEMENT OF EXPENSES . - ...................... .... ..--...- ......-.. ....... -. 9 STATEMENT OF DESIGNATED ACCONTS . ...- .- 10-11STATEMENTOF COMPL ANCE . .1..................-- - .. ..-..-.. ..........-. 12

MANAGEMENT LETTER .................................- ......... ---.....-....... ........... ... 13

REV1EW OF GRANT RECIPIENT'S EFFECTIVENESS $N THE MANAGEMENT OF FNs ........................ 13ASSESSMENT OF THE GRANT RECIPIENT'S INTERNAL CONTROL SYSTEM .. ..................... 13

ORGANIZATION AND STAFFING.......-.... ...----.--.......-............ ........... 13REVEW ON TiE MANAGEMENT Of FUNDS ......... .................. -............. 14PROCURE ETE........................ ......................... 15

CONTROL EC ANISMS OF EXPENDITURES............................................... ... ...... 15DESIGNATED AccouNT....................-.............. ...................... 16ACCOUNTING SYSTEM.----............. ..-...................--.............. 17FOLLOW UP ON PREvms AuWT5 ................... ...........- ..----......... 17GENERAL INFRMATON-........................................ ..........---... 18

ANNEXES................... ..... ... ....................... ..... ..- - - . ........ .. .............

ANNEX 1: SUMMARY OF WORLD BANK FuNDs............. ....................... 19AmEx 2: STATEMENT OF CUMULATIVE INVESTMENTS ......... ........... ............ 19

ANNEX 3, DESIGNATED ACCOUNT RECONCILIATIOmN STATEMENT...........- --............. 20Annex4, STATEMENT OP SOURCES AND USES OF FUNDS ..-...... ....................... 21ANNEX 5: BALANCE SEET ................................................. 22Annex 6: FXED ASSET REGa5TER ........................................................ 23-24ANNEx 7: AuDrr AREA RATINGS ................- ............................... 25ANNqEx 8: AUDIT FINDING PRIORITY RAINGS .. ...-- .....................................25

EXECUTIVE SUMMARY

Moore Stephens Magafia LLP entered into an Engagement Agreement with the Protected AreasConservation Trust ("The Implementing Partner") on 19 May. 2016 to carry out an audit of InternationalBank Grant recipient which is funded by the Global Environment Facility to strengthen natural resourcemanagement and biodiversity conservation in key biodiversity areas (KBA's) of Belize. The Grantrecipient (Management and Protection of Key Biodiversity Areas in Belize Project) KBA was selected foraudit as part of World Bank's 2016 audit plan. The period subject to audit was 26 January 2015 to 31March 2016.

We have issued audit opinions as summarised in the table below and as detailed in the Audit Opinionssection:

Statement of expenses Unqualified

Statement of designated account Unqualified

Statement of Compliance Unqualified

The audit findings are summarised in the table below:

A naea vea r cto - i p p Fa

Pr6cutfehett of o6d iiftd ** ~. -- -. - - Satisfactory , .. a:CotfdilMichaidsibsI for -

-l a oSatisfactory -E*penditures

IDesignated.Accotint Management Sitisfactory - - -

Accounitiig SysterWsif Partially satisfactor -' - -

Follow-up on, Previous Audits Not applicable

Generi IntormAtIorn .aii -- 1 -satisifactory

THE AUDIT ENGAGEMENT

Audit Objective

The main purpose of the audit was to enable the auditors to express an opinion on the grant recipient's(Management and Protection of Key Biodiversity Areas in Belize Project) financial statements as of 26January 2015 to 31 March 2016.

The project's accounting system (books and records) provides the basis for the preparation of the PFS,was established to record the financial transactions of the project, and is maintained by the project'simplementing partner, the Protected Areas Conservation Trust (PACT).

Scope of the Audit

The audit was conducted in accordance with International Standards on Auditing (ISA) as published bythe International Auditing and Assurance Standards Board of the International Federation of Accountants(IFAC), with special reference to ISA 800 (Auditor's Report on Special Purpose Audit Engagements) andto relevant World Bank guidelines. In conducting the project audit, special attention was paid to thefollowing:

* Whether external funds have been used in accordance with the conditions of the relevant generalconditions, relevant financing agreements and disbursement letter, with due attention to economyand efficiency, and only for the purposes for which the financing was provided.

* Whether counterpart funds have been provided and used in accordance with the relevant generalconditions, relevant financing agreements and disbursement letter, and only for the purposes forwhich they were provided.

* Whether the goods and services financed have been procured in accordance with the relevantgeneral conditions, relevant financing agreements and disbursement letter.

* Whether necessary supporting documents, records, and accounts have been kept in respect ofall Project ventures including expenditures reported via Summary Report or Statements ofExpenditures (SOEs) or Designated Accounts (DAs). Clear linkages should exist between theaccounting records and the financial reports presented to the Bank.

* Whether designated Accounts have been maintained in accordance with the provisions of therelevant general conditions, relevant financing agreements and disbursement letter.

* Whether the Project's Financial Statements (PFS) have been prepared in accordance withInternational Financial Reporting Standards and practices and relevant World Bank guidelines,and give a true and fair view of the financial position of the projects as of 31 March 2016 and ofthe resources and expenditures for the period 26 January 2015 (KBA) then ended 31 March2016.

* Whether there is compliance on each of the financial covenants in the Financial Managementsection of the Grant Agreement in Section II.B.4 of Schedule 2

Our assessment of the internal control system covered the following areas as applicable:

Summary Reports or Statement of Expenditures

As part of the audit of the Project's Financial Statements (PFS), the auditor is required to audit allSummary Reports or SOEs used as the basis for the submission of withdrawal applications. TheseSummary Reports should be compared for project eligibility with the relevant general conditions, relevantfinancing agreements, and disbursement letter, and with reference to the Project Appraisal Document for

guidance when considered necessary.

Where ineligible expenditures are identified as having been included in withdrawal applications andreimbursed against, these should be separately noted in separate note disclosures and also in themanagement letter, by the auditor. The Project Financial Statements (or included within the notes to theproject financial statements) should be a schedule listing individual Summary Reports or SOEs (used asthe basis of disbursement) withdrawal applications by specific reference number and amount.

The auditor should pay particular attention as to whether:

* The Summary Reports or SOEs have been prepared in accordance with the provisions of therelevant financing agreement.

* Expenditures have been made wholly and necessarily for the realization of project objectives.

* Information and explanation necessary for the purpose of the audit have been obtained;

* Supporting records and documents necessary for the purpose of the audit have been retained, and

* The Summary Reports or SOEs can be relied upon to support the related withdrawal applications.

Designated Accounts

In conjunction with the audit of the Project Financial Statements, the auditor is also required to audit theactivities of the Designated Accounts associated with the Project. The Designated Accounts usuallycomprises:

Deposits and replenishments received from the Bank;Payments substantiated by withdrawal applications;Interest that may be earned from the balances and which belong to the Recipient; andThe remaining balances at the end of each fiscal year.

The auditor should pay particular attention as to the compliance with the Bank's procedures and thebalances of the Designated Accounts at the end of the fiscal year (or period). The auditor should examinethe eligibility of financial transactions during the period under examination and fund balances at the end ofsuch a period, the operation and use of the DAs in accordance with the relevant general conditions.relevant financing agreements and disbursement letter, and the adequacy of internal controls for this typeof disbursement mechanism.

For this Project, the designated accounts are referred to in the Disbursement Letter attached to the GrantAgreement, and Disbursement Guidelines,

Audit Reports

The auditors will issue an audit opinion on the MANAGEMENT AND PROTECTION OF KEYBIODIVERSITY AREAS IN BELIZE PROJECT (refer to the "Project Financial Statements" paragraphabove for a definition of the statements included therein).

In addition to the audit opinion, the auditor will prepare a "management letter," in which the auditor will:

* Give comments and observations on the accounting records, systems, and controls that wereexamined during the course of the audit;

* Identify specific deficiencies and areas of weakness in systems and controls and makerecommendation for their improvement. These should be reported in accordance with thefollowing elements: condition, criteria, cause and effect. It is important that the findings alsoinclude a recommendation to help correct the cause;

* Report on the lack of compliance of each financial covenant in the relevant financing agreement;* Communicate matters that have come to their attention during the audit which might have a

significant impact on the implementation of the project;* Bring to the recipient's attention any other matters that the auditor considers pertinent;

and include managements comments in the final management letter.

The financial statements, including the audit opinion, and management letter should be received by theProject's implementing partner, PACT, no later than July 15th after the end of the audited fiscal year. TheProject's implementing partner should then promptly forward two copies of the audited project financialstatements (including audit opinion) and management letter to the Bank.

General

The responsibility for the preparation of financial statements including adequate disclosure is that of themanagement of the implementing partner of the project (PACT). This includes the maintenance ofadequate accounting records and internal controls, the selection and application of accounting policies,and the safeguarding of the assets of the entity. As part of the audit process, the auditor will request frommanagement written confirmation concerning representations made to the auditor in connection with theaudit.

The PROTECTED AREAS CONSERVATION TRUST will co-operate fully with the auditor and will makeavailable to the auditor whatever records, documentation and other information is requested by theauditor in connection with the audit. The auditor should be given access to all legal documents,correspondence, and any other information associated with the project and deemed necessary by theauditor. Confirmation should also be obtained of amounts disbursed and outstanding at the Bank and ofamounts disbursed under other donor partner.

It is highly desirable that the auditor becomes familiar with the relevant World Bank guidelines, whichexplain the Bank's financial reporting and auditing requirements.

These guidelines include:

Guidelines:Annual Financial Reporting and Auditing for World Bank-Financed Activities dated June 30, 2003;Anti-Corruption Guidelines, dated October 2006;Disbursement Handbook for World Bank Clients, dated May 2006;Disbursement Guidelines for Projects, dated May 2006.

The auditor should understand that working papers under World Bank project can be subject to thereview by Client's andlor World Bank designated staff.

MOORE STEPHENS

Moore Stephens Magaila LLPNew Horizon Building3 Y Phillip S. W. Goldson HighwayBelize City, Belize

T +501 223 2144F +501 223 2143E [email protected]

www mooresteohens bz

AUDIT OPINIONS

Independent Auditor's Report to WORLD BANK - Financial AuditStatement of Cumulative Investments

Unqualified Opinion

We have audited the expenses recorded in QuickBooks as set out in Annex 2 [Statement of CumulativeInvestments] "the Statement" totalling BZD 1,001,085 66/ USD 500,542.83 for the Management andprotection of Key Biodiversity Areas of Belize Project (KBA) "the Grant recipient"; representing theexpenses reported under World Bank Grant number TF 16773-001 BZ Project number P130474 for theperiod 26 January 2015 to 31 March 2016. This Statement of Cumulative Investments reflects alldisbursements listed in the yearly financial reports submitted by the Grant recipient's implementingpartner Protected Areas Conservation Trust (PACT)- In total these amounts represent the actualexpenses incurred by the Grant recipient in accordance with the Grant Agreement. Expenses have beenclassified according to the component for which the resources were utilized- As set out in the relevantgrant agreement signed between the government of Belize and the World Bank on 26 " January 2015, theproper utilization of these funds will aid in strengthening natural resource management and biodiversityconservation through the mitigation of threats to Key Biodiversity Areas (KBA's) in Belize. This will beachieved by implementing the different components over a period of five years.

Respective responsibilities of the Grant recipient's implementing partner and auditorsThe staffs assigned by the implementing partner is responsible for the preparation of requisition formsand other financial records and documents for the Grant recipient's activities and for such internal controlas management determines is necessary to enable the preparation of a statement that is free frommaterial misstatement, whether due to fraud or error.

Our responsibility is to express an opinion on the statement based on our audit. We conducted our auditin accordance with International Standards on Auditing insofar as these standards can be usefully appliedin this financial audit and its specific compliance context. Those standards require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance about whether the

statement is free of material misstatement.

Ret Idnt.Adi saL r tia di cr cTfitlIni,tutrChtc h dAciaurttntsultel,.mnd dulyduIthe l 'derstaryloiop .f milwashbRelts

An indeierflnt memin, fism of 2a.aor tlphens Ii.tuIcn Umned membeti In prmo;p43 thu ho I uitthno wou-Ik

MOORE STEPHENS

A financial audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the statement. The procedures selected depend on the auditor's judgment, including theassessment of the risks of material misstatement of the statement, whether due to fraud or error. Inmaking those risk assessments, the auditor considers internal control relevant to the grant recipientspreparation of its financial reports in order to design audit procedures that are appropriate in thecircumstances, but not for the purpose of expressing an opinion on the effectiveness of the project'sinternal control. A financial audit also includes evaluating the appropriateness of accounting policies usedand the reasonableness of accounting estimates made by management.

Scope of the AuditThe scope of our audit was as set out in our terms of reference and included obtaining evidence for theamounts and disclosures in the statement sufficient to express an opinion on it within the scope of ouraudit. We have taken into account all the available evidence presented to us during our fieldwork whichtook place from the 2 3 d May 2016 and concluded the 10 June 2016, and any subsequent informationreceived. We believe that the audit evidence we have obtained is sufficient and appropriate to provide abasis for our audit opinion.

Unqualified OpinionIn our opinion, the attached Statement of Cumulative Investments presents fairly, in all material respects,the expenses of BZD 1,001,085.66/ USD 500,542.83 incurred by the Grant recipient under the GrantAgreement for the period 26 January 2015 to 31 March 2016 in accordance with World Bankrequirements. The expenses incurred were, 1) in conformity with approved budget allocation for eachcomponent specified in the grant agreement. (ii) used wholly and necessarily for the realisation of theproject's objectives: (iii) in compliance with the relevant regulations and rules, policies and proceduresspecified in the grant agreement; and (iv) are supported by properly approved vouchers and othersupporting documents. Sufficient information and necessary explanations for the purpose of the audithave been obtained and the summary of expenses can be relied upon to support the related withdrawalapplications.

Chartered AccountantsBelize City, Belize18 September 2016

MOORE STEPHENS

Moore Stephens Maga5a LLPNew Horizon Building3 Y Phillip 5. W. Goldson HighwayBelize City, Belize

T +501 223 2144F +5012232143E [email protected]

www.moorestephEns.iz

independent Auditors Report to WORLD BANK - Financial AuditStatement of Designated Accounts

We have audited the cash and cash equivalents recorded in QuickBooks as set out in Annex 3 [TheStatement of Designated Accounts] "the Statement" totalling BZD 320,575.68/ USD 160, 287.84 for useby the Management and protection of Key Biodiversity Areas of Belize Project (KBA). ('the Grantrecipient") representing the cash and bank balances reported under World Bank Grant number TF 16773-001 BZ, Project number P130474 for the period 26 January 2015 to 31 March 2016. This Statement ofDesignated Account reflects all transactions listed in the yearly financial reports submitted by the Grantrecipient's implementing partner, the Protected Areas Conservation Trust (PACT). This balancerepresents the ending balance for the designated account Belize Bank AC# 018013 for which all relatedbank transactions including, replenishment of funds, payments made and interest earned on thedesignated account are assigned.

Respective responsibilities of the Grant recipient's implementing partner and auditorsThe implementing partner's accounting staff are responsible for the preparation of monthly bankreconciliations and other financial records for the Grant recipientrs activities and for ensuring that internalcontrol are in place as management determines is necessary to enable the preparation of a Statementthat is free from material misstatement, whether due to fraud or error.

Our responsibility is to express an opinion on the Statement based on our audit. We conducted our auditin accordance with International Standards on Auditing insofar as these standards can be usefully appliedin this financial audit and its specific compliance context. Those standards require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance about whether theStatement is free of material misstatement.

A financial audit involves performing bank procedures in order to obtain audit evidence about theamounts and disclosures in the Statement. The procedures selected depend on the auditor's judgement,including the assessment of the risks of material misstatement of the Statement, whether due to fraud orerror. In making those risk assessments, the auditor considers internal control relevant to the grantrecipient's preparation of its financial reports in order to design audit procedures that are appropriate inthe circumstances, but not for the purpose of expressing an opinion on the effectiveness of the project'sinternal control. A financial audit also includes evaluating the appropriateness of accounting policies usedand the reasonableness of accounting estimates made by management.

An Independent menbes lamot iNooo 5tr.heni InWran.al4 lmited membetin wwrmpsI chet throu(hou: the wari

MOORE STEPHENS

Scope of the AuditThe scope of our audit was as set out in our terms of reference and included obtaining evidence for theamounts and disclosures in the Statement sufficient to express an opinion on it within the scope of ouraudit. We have taken into account all the available evidence presented to us during our fieldwork whichtook place from the 23 May 2016 and concluded the 10 June 2016, and any subsequent informationreceived. We believe that the substantial audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion.

Unqualified OpinionIn our opinion, the attached Statement of Designated Account presents fairly, in all material respects, thedesignated account balance of BZD 320,575.68/ USD 160,287.84 and is in accordance with the WorldBank accounting requirements, for the period 26 January, 2015 to 31 March, 2016. The Designated BankAccount (i) has adequate internal controls in place; (ii) Designated accounts are used in accordance withthe relevant general conditions, relevant financing agreements and disbursement letter; (iii) Designatedaccount was in compliance with the bank procedures; (iv) End of period bank balances were properlypresented; (v) transactions were recorded for the appropriate periods. Sufficient supporting records anddocuments necessary for the purpose of the audit have been retained and the summary report can berelied upon.

gd,A SI4. b L LP.Chartered AccountantsBelize City, Belize18 September 2016

MOORE STEPHENS

Moore Stephens Magafia LLPNew Horizon Building3 Y. Phillip S. W. Goldson HighwayBelize City, Belize

T +501223 2144F +501223 2143E [email protected]

www.moorestePhens.bz

Independent Auditor's Report to WORLD BANK - Financial AuditStatement of Compliance

Unqualified Opinion

We have examined Key Biodiversity Areas in Belize Project's compliance with procurement guidelines;guidelines on withdrawal of grant proceeds; Anti.Corruption guidelines; project monitoring, reporting andevaluation; and other obligations as specified in Schedule II of the grant agreement for the fiscal yearended 31 March 2016.

Respective responsibilities of the Grant recipient's national implementing entity and auditorsManagement is responsible for Key Biodiversity Areas in Belize Projects compliance with thoserequirements. Our responsibility is to express an opinion on Key Biodiversity Areas in Belize Project'scompliance based on our examination.

We conducted our audit in accordance with International Standards on Auditing, Those standards requirethat we comply with ethical requirements, plan and perform the audit to obtain reasonable assuranceabout whether the financial statements are free from material misstatement due to fraud or error. Ouraudit accordingly included examining on a test basis, evidence about Key Biodiversity Areas in BelizeProject's compliance with those requirements and performing such other procedures as we considerednecessary in the circumstances. We believe that our examination provides a reasonable basis for ouropinion. Our examination does not provide a legal determination on the Key Biodiversity Areas in BelizeProject's compliance with specified requirements.

In our opinion. The Key Biodiversity Areas in Belize complied, in all material respects, with theaforementioned requirements for the year ended March 31. 2016.

lIJ4crk. o:,, LLPOChartered AccountantsBelize City, Belize18 September 2016

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Annexes

Annex 1 Summary of World Bank Funds

BZD USDProject No: TF 16773-001 BZ

Total Funds available for Disbursement 12,171,200.00 6,085,600.00

Documented Disbursement 1,320,202.02 660,101.01

Total Available Funds to date 10,851,997.98 5,425,998.99

Annex 2 Statement of Cumulative Investments

Categories Current Year Current Period Cumulative

US$ US$

Actual Actual

1. Goods, Works, non-consulting services,training and monitoring 502,143.47 502,143.47and compliance activitiesexcept for part two of theproject

2. Goods, Works, non-consulting services and . .training for part two ofthe project

Total 502,143.47 502,143.47

Page 19

Annex 3 Designated Account Reconciliation Statement


Total Advance by World Bank/Co-Financier 1,000,000.00 500,000.00

Less: Eligible Expenditures for the year 31 March 2016 -

Less: Cumulative Eligible Expenditure

Present Outstanding Amount Advanced to Designated Account 1,000,000.00 500,000.00

Balance of Designated Account as of 31 March 2016

Balance of Project Account as of 31 March 2016 320,575.68 160,287.84

Plus: Expenditures for current year documented after year end31 March, 2016 (WA PACT 5) 684,084.92 342,042.46

Plus: Total amount withdrawn not yet claimedReason:

Plus: Amounts claimed in previous applications not yet creditedApplication Number:WA #xxWA #xx

Subtotal of previous applications not yet credited

Less: Interest Earned)

Total advance accounted for (no. 4 through no. 9) 1,004,660.60 502,330.30

Difference: (3-9) (4,660.60) (2,330.30)

EXPLANATION OF ANY DIFFERENCE SHOWN IN LINE 10:

The difference of USD 2.330.30 which Is an overage due to the following:

There was a loss in exchange of USD 950 upon receiving the initial amount from World Bank. Uponreimbursing the retro and non-retro expenses the World Bank reimbursed USD 1,601.01 in excessbecause USD 158,500 was claimed and USD 160,101.01 was actually disbursed. The project alsoreceived cash from three other sources which are: Sale of bid USD 500, deposit from Belize SocialSecurity for sickness benefit of BZD 201.14 and a deposit received from an insurance claim of USD679.53. A non-reconciled difference of USD 298.62 is also pending to be resolved and will be paid byPACT at the end of the project if not reconciled.

Page 20

Annex 4 Statement of sources and use of funds

USD USDProject No: TF 18449-001 8Z Current Period Cumulative

Receipts from World Bank

Designated Account 500,000.00 500,000.00Direct PaymentReimbursement 160,101.01 160,101.01Total ReceIpts 660,101.01 660,101.01

Expenditures by Project

Component 1 Supporting Forest protectionand sustainable forest management activities 102,663.64 102,663.64in Key Biodiversity areas

Component 2 Promoting effective managementof Key Biodiversity Areas 85,467.60 85,467.60

Component 3 Institutional strengthening andCapacity building for enhanced enforcement of 110,580.70 110,580.70Environmental regulations

Component 4 Project management, monitoringAnd assessment 201,830.89 201,830.89

Total Expenditures 500,642.83 500,542.83

Adjustments on foreign exchange

Bank BalancesOpening Cash Balances

Designated AccountProject Account

Total Opening Balance

Closing Cash BalancesDesignated AccountProject Account 160,287.84 160,287.84

Total Closing Balance 160,287.84 160,287.84

Page 21

Annex 6 Balance Sheet


Bank Balances 320,575.68 160,287.84

Total Assets 320,575.68 160,287.84

KBA Accounts Payable 3.26 1.63

Total Equity (retained earnings) 320,572.42 160,286.21

Total Liabilities and Equity 320,575.68 160,287.84

Page 22

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Audit of the World Bank grant recipient Management and Protection of Key Blodiversity Areas in Belize Project

Annex 7 Audit area ratings

Standard Rating Definition

Satisfactory Internal controls and risk management practices were adequately establishedand functioning well. No high risk areas were identified. Overall, the GR'sobjectives are likely to be achieved.

Partially Satisfactory Internal controls and risk management practices were generally establishedand functioning, but needed improvement. One or more high and medium riskareas were identified that may impact on the achievement of the GR'sobjectives.

Unsatisfactory Internal controls and risk management practices were either not establishedor not functioning well. The majority of issues identified were high risk.Hence, the overall GR objectives are not likely to be achieved.

Annex 8 Audit finding priority ratings

The following categories of priorities are used:

High Prompt action is required to ensure that the International Bank is not exposed to high risks.Failure to take action could result in major negative consequences and issues.

Medium Action is required to ensure that the International Bank is not exposed to risks that areconsidered moderate. Failure to take action could contribute to negative consequences forthe International Bank.

Low Action is desirable and should result in enhanced control or better value for money.

INTERNATIONAL BANK FOR RECONSTRUCTION …...the resources and expenditures for the period 26 January...

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