Services

A special purpose audit, is an audit that is conducted for a specific purpose, for instance, audit of the project financial statements as per the requirements of the loan or grant agreement. An audit of project financial statements is a process that enables an auditor to express opinions on whether the project financial statements present fairly, in all material respects, 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 lender. The audit also checks whether the proceeds of the grant were used for the intended purpose and whether the project has complied with the covenants stated in the loan or grant agreement. We have adept expertise and experience in such engagements by continuously working with international financial institutions and donor funds ranging from SME projects to large infrastructure projects.

Our services in this area include:

• auditing special purpose reports for projects financed by international financial organizations (the World Bank, European Bank for Reconstruction and Development (EBRD), United States Agency for International Development (USAID), Asian Development Bank (ADB) and others);
• the audit of the actual formation of the statutory fund of the legal entity;
• the audit of the internal control system and efficiency of its functioning;
• the audit on proper use of funds.