INDEPENDENT AUDITING CONSULTING COMPANY HAD EXPRESSED A FAVOURABLE OPINION ON FINANCIAL STATEMENTS BY MTOT ON A JOINT PROJECT WITH THE WORLD BANK
For the second year in a row, grant project by MTOT «Conflict Response and Recovery Pilot and Capacity Building Project», funded by the World Bank (International Bank for Reconstruction and Development), has received a favorable opinion from independent auditors. The conclusion relates to the financial statements for this Project, including financial condition of the Project, sources and use of funds.
Thus, an independent international audit and consulting company LLC «BDO» conducted an audit of the financial statements for the specified Project for the period from September 20, 2016 - December 31, 2017 and for 2018.
The auditor's report for 2018 stated that «the financial statements give a true and fair idea of the financial condition of the Project, as well as a true and honest idea of the sources and use of the funds of the Grant in accordance with the rules of the International Bank for Reconstruction and Development (IBRD)».
According to the results of the audit, it was established that the internal data control system in MTOT meets the evaluation criteria «good».
In particular, the evaluation criteria «good» means that:
- all expected means of control exist;
- no significant issues arise;
- evidence confirms that control is exercised;
- evidence is saved and documented.
The audit was conducted in accordance with International Standards on Auditing, by a company that has been approved by the World Bank (IBRD).
Recently, the World Bank team informed MTOT that, on the basis of the results of an independent audit, MTOT has an unconditionally positive opinion on the financial statements of the Project. In addition, the auditors did not observe any significant deficiencies in the internal control system during realization of the grant.
This is the second consecutive positive report on the financial condition for the Project of World Bank, implemented by MTOT. In 2017 independent auditors made similar summary in the report.