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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
It is important for green finance to be supported by robust product development.

Project Number: 45229-001
Project Name: Access to Green Finance Project: Project Completion Report
Report Date:
Lesson
All expenditures allocated to a single cost category should be allocated to a single cost center.

Project Number: 44304-013, 44304-014, 44304-015
Project Name: Microfinance Expansion Project
Report Date:
Lesson
Discussing financial management and reporting requirements at program inception, as well as timely communication with EAs/IAs and the inclusion of the relevant specialist in review missions are essential to minimizing financial management shortcomings.

Project Number: 37139-053
Project Name: Uttarakhand Power Sector Investment Program - Tranche 4 and MFF
Report Date:
Lesson
Timely and sustained communication with EAs/IAs is essential to resolving financial management and reporting issues.

Project Number: 37139-023
Project Name: Uttaranchal Power Sector Investment Program - Tranche 1
Report Date: