Audit of Project Financial Statements

08.06.2022


TERMS OF REFERENCE

Audit of Project Financial Statements

NDA Strengthening and Country Programming support for Turkmenistan and initiating a Regional Approach to Climate Action

 

I.                 BACKGROUND 

1.               The project, NDA Strengthening and Country Programming support for Turkmenistan and initiating a Regional Approach to Climate Action, GCF Readiness and Preparatory Support Program was approved on September 10, 2020 to Strengthen institutional capacity of key stakeholders and establish key mechanisms, to develop a Country Programme, and to initiate a discussion and explore the opportunity of a regionally coordinated climate project pipeline for transformative impacts in the whole of Central Asia for a total financing of USD 534.626 [Five Hundred Thirty -four Thousand Six Hundred and Twenty-six United States Dollars] in the form of grant support agreement. The Grant Support Agreement, TKM -RS -001, signed between the Regional Environment Center for Central Asia (CAREC) and United Nations Office for Project Services (UNOPS) and the Green Climate Fund (GCF) on September 10, 2020 became effective on October 07, 2020. The Ministry of Agriculture and Environment Protection of Turkmenistan is the National Designated Authority (NDA) and the project will be administered and implemented by the Regional Environment Center for Central Asia (CAREC). 

2.               The project has three components. Component 1 - Institutional capacity and coordination mechanisms in place to govern and coordinate climate action and finance aims to draw Stakeholder map and Intitutional analyse, to establish Coordination Mechanism and strengthen capacities of NDA and CM and to establish “no-objection procedure”, Component 2 - Country Programming process aims to Develop a country programming and national project pipeline , and Component 3 - Climate finance strategies and project pipeline strengthened aims to develop regional long and short list of regional projects and to develop one regional Concept Note and Pre-feasibility study. 

3.               This is first GCF project for Turkmenistan and realized by CAREC office in Turkmenistan through UNOPS, based on the contract signed between UNOPS and CAREC the CAREC’s headquarter in Almaty is responsible for project administration and accounting, i.e. project realized through the bank accounts opened in Kazakhstan and based on Kazakhstan law and tax regulations. 

4.               The CAREC is seeking the services of an independent external auditor to carry out audits of the project’s financial statements. The auditor will be appointed to conduct audits for the grant from September 10, 2020 to June 06, 2022. 

5.               The continued engagement of the auditor is subject to satisfactory performance and the timely submission of audit reports in accordance with the grant agreement. 

II.               OBJECTIVES 

1.     The objectives of the audit of the project financial statements is to enable the auditor to express opinions on (i) whether the project financial statements (including the notes thereto and supplementary statements) present fairly, in all material respects, (or give a true and fair view of) the grant financial position as at each accounting year-end, and its cash flows for the years then ended, in conformity with the accounting standards acceptable to the GCF, (ii) whether the proceeds of the grant were used for the intended purpose, and (iii) whether the project has complied with the covenants stated in the grant agreement. 

III.             AUDITING STANDARDS 

1.     The auditor will carry out the audit in accordance with International Standards on Auditing (ISA). 

IV.            AUDIT SCOPE AND REPORTING 

1.     The auditor is required to deliver an audit report in the English and Russian languages comprising: 

2.               The audit shall be for each of the following periods: 

●       From [07.10.2020] to [06.06.2022] 

3.               All audit reports shall be submitted to Delivery Partner on or before [31 July 2022] and be forwarded to the GCF no later than [August 2022] after the end of such period, pursuant to the Grant agreement. 

V.             OTHER MATTERS 

1.     The auditor is entitled to unlimited access to all legal documents, correspondences, project preparation and supervision reports, reports of reviews and investigations, financial management assessment reports, and any other information and explanations associated with the project and considered necessary to facilitate the audit. The auditor may also obtain written confirmation of amounts disbursed from the GCF. 

2.               The auditor is encouraged to meet with the NDA and DP to discuss audit-related matters including inputs to the audit plan. If requested, the GCF will also provide necessary information. 

3.               At conclusion of audit, the auditor will hold a closing meeting with the NDA and DP to obtain the DP’s comments on the accuracy and completeness of facts and conclusions, including whether or not DP concur with the audit findings. The closing meeting will be part of audit workpapers. 

VI.          Application Process 

The deadline for the submission of proposals: July 18, 2022.

Financial proposals should be submitted to the following e-mails:

ibagirova@carececo.orgoharchenko@carececo.orginfo@carececo.org 


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