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Lesson
Customizing the terms of reference of auditors to project requirements and ensuring that they are properly oriented on these requirements are critical to promoting project compliance with ADB financial management procedures. There were gaps in complying with the financial management conditions of the loan agreement, including the need to timely submit audit reports and auditor’s management letters and opinions.

Project Number: 49419-002
Project Name: Solar Rooftop Investment Program - Tranche 1
Report Date:
Lesson
Project financial auditing needs to be synchronized with the project Completion review timeline which requires disclosure of the report within 12 months of the financial closing of the loan account.

Project Number: 42378-017
Project Name: Power System Expansion and Efficiency Improvement Investment Program (Tranche 3)
Report Date:
Lesson
Better coordination and the Preparation of a consolidated project financial statement for projects being implemented by multiple agencies will facilitate the timely submission of annual project financial statements (APFSs) which in turn will help avoid delays in loan disbursements. In this program, the Preparation by the two EAs of separate annual project financial statements, both audited by an external auditor, created an unnecessary administrative overload for ADB.

Project Number: 35290–013, 35290–043
Project Name: North Eastern Region Capital Cities Development Investment Program (Tranche 3 and Multitranche Financing Facility)
Report Date:
Lesson
Tapping community organizations with proven track records is beneficial for ADB-financed community-driven development initiatives.

Project Number: 46094-001
Project Name: Neighborhood Upgrading and Shelter Project (Phase 2)
Report Date: