Common use of Accounts and Audits Clause in Contracts

Accounts and Audits. (a) The Recipient shall maintain or cause to be maintained a financial management system, including records and accounts, adequate to reflect the transactions related to the Activities, in accordance with the requirements of the document ST/SGB/2003/7 Financial Regulations and Rules of the United Nations, dated May 9, 2003 (hereinafter referred to as the Financial Regulations). (b) The Recipient shall maintain in a separate account in its records (the Grant Control Account) a complete, true and faithful record of all the advances from the proceeds of the Grant and of all the expenditures paid from such advances. (c) The Recipient shall prepare, on a quarterly basis, interim unaudited financial reports, in accordance with accounting standards established pursuant to the Financial Regulations and in the format agreed with the Bank, adequate to reflect the operations, resources and expenditures related to the Activities. The first said interim unaudited financial reports shall be furnished to the Bank no later than thirty days after the end of the first quarter after the effectiveness of this Letter Agreement, and shall cover the period from the incurrence of the first expenditure under the Grant through the end of such first quarter; thereafter, each interim unaudited financial report shall be furnished to the Bank not later than thirty days after each subsequent quarter, and shall cover such quarter. (d) The Recipient shall ensure that the audit of the Activities is governed by: (i) Regulations 7.1, 7.4 and 7.11 of the Financial Regulations and (ii) the Financial Management Framework Agreement. (e) The Recipient shall retain, until at least one year after the Bank has received the final interim unaudited financial report referred to in paragraph (b) of this Section 5 covering the quarter in which the last withdrawal from the Grant Account was made, all records (contracts, orders, invoices, bills, receipts and other documents) evidencing all expenditures in respect of which withdrawals from the Grant Account were made.

Accounts and Audits. (a) 1. The Recipient shall maintain or cause to be maintained a financial management system, including records and accounts, adequate to reflect the transactions related to its Respective Part of the ActivitiesProject, in accordance with the requirements of the document ST/SGB/2003/7 United Nations Children’s Fund Financial Regulations and Rules of the United NationsRules, dated May 9, 2003 E/ICEF/2011/AB/L.8 (hereinafter referred to as the Financial Regulations). (b) 2. The Recipient shall maintain in a separate account in its records (the Grant “Financing Control Account”) a complete, true and faithful record of all the advances from the proceeds of the Grant Financing and of all the expenditures paid from such advances. (c) 3. The Recipient shall prepare, on a quarterly basis, interim unaudited financial reports, in accordance with accounting standards established pursuant to the Financial Regulations and in the format agreed with the BankAssociation, adequate to reflect the operations, resources and expenditures related to its Respective Part of the ActivitiesProject. The first said interim unaudited financial reports shall be furnished to the Bank Association no later than thirty forty-five (45) days after the end of the first quarter three months after the effectiveness of this Letter AgreementEffective Date, and shall cover the period from the incurrence of the first expenditure under the Grant Financing through the end of such the first quarterthree (3) months; thereafter, each interim unaudited financial report shall be furnished to the Bank Association not later than thirty forty-five (45) days after each subsequent quarterthree month period, and shall cover such quarterthree month period. (d) 4. The Recipient shall ensure that the audit of its Respective Part of the Activities Project is governed by: (ia) Regulations 7.1, 7.4 and 7.11 Article XIV of the Financial Regulations Regulations; and (iib) the Financial Management Framework Agreement. (e) 5. The Recipient shall retain, until at least one year after the Bank Association has received the final interim unaudited financial report referred to in paragraph (b) 3 of this Section 5 II.B covering the quarter three (3) calendar months in which the last withdrawal from the Grant Account was made, all records (contracts, orders, invoices, bills, receipts and other documents) evidencing all expenditures in respect of which withdrawals from the Grant Account were made.,

Accounts and Audits. (a) 1. The Recipient shall maintain or cause to be maintained a financial management system, including records and accounts, adequate to reflect the transactions related to its Respective Part of the ActivitiesProject, in accordance with the requirements of the document ST/SGB/2003/7 relevant Financial Regulations and Rules of the United Nations, dated May 9, 2003 Nations Development Programme (hereinafter referred to as the Financial RegulationsRegulations and Rules). (b) 2. The Recipient shall maintain in a separate account in its records (the Grant “Financing Control Account”) a complete, true and faithful record of all the advances from the proceeds of the Grant Financing and of all the expenditures paid from such advances. (c) 3. The Recipient shall prepare, on a quarterly basis, interim unaudited financial reports, in accordance with accounting standards established pursuant to the Financial Regulations and in the format agreed with the BankAssociation, adequate to reflect the operations, resources and expenditures related to its Respective Part of the ActivitiesProject. The first said interim unaudited financial reports shall be furnished to the Bank Association no later than thirty forty-five (45) days after the end of the first quarter three months after the effectiveness of this Letter AgreementEffective Date, and shall cover the period from the incurrence of the first expenditure under the Grant Financing through the end of such the first quarterthree (3) months; thereafter, each interim unaudited financial report shall be furnished to the Bank Association not later than thirty forty-five (45) days after each subsequent quarterthree month period, and shall cover such quarterthree month period. (d) 4. The Recipient shall ensure that the audit of its Respective Part of the Activities Project is governed by: (ia) Regulations 7.1, 7.4 and 7.11 Article 4 of the Financial Regulations and Rules; and (iib) the Financial Management Framework Agreement. (e) 5. The Recipient shall retain, until at least one year after the Bank Association has received the final interim unaudited financial report referred to in paragraph (b) 3 of this Section 5 II.B covering the quarter three (3) calendar months in which the last withdrawal from the Grant Account was made, all records (contracts, orders, invoices, bills, receipts and other documents) evidencing all expenditures in respect of which withdrawals from of the Grant Account proceeds of the Financing were made.

Accounts and Audits. (a) 1. The Recipient shall maintain or cause to be maintained a financial management system, including records and accounts, adequate to reflect the transactions related to its Respective Part of the ActivitiesProject, in accordance with the requirements of the document ST/SGB/2003/7 “United Nations Children’s Fund Financial Regulations and Rules of the United NationsRules”, dated May 9, 2003 E/ICEF/2011/AB/L.8 (hereinafter referred to as the “Financial Regulations”). (b) 2. The Recipient shall maintain in a separate account in its records (the Grant “Financing Control Account”) a complete, true and faithful record of all the advances from the proceeds of the Grant Financing and of all the expenditures paid from such advances. (c) 3. The Recipient shall prepare, on a quarterly semi-annual basis, interim unaudited financial reports, in accordance with accounting standards established pursuant to the Financial Regulations and in the format agreed with the BankAssociation, adequate to reflect the operations, resources and expenditures related to the ActivitiesProject. The first said interim unaudited financial reports shall be furnished to the Bank Association no later than thirty forty-five (45) days after the end of the first quarter six months after the effectiveness of this Letter Agreement, Effective Date and shall cover the period from the incurrence of the first expenditure under the Grant Financing through the end of such first quartersix (6) months; thereafter, each interim unaudited financial report shall be furnished to the Bank Association not later than thirty forty- five (45) days after each subsequent quartersix month period, and shall cover such quartersix month period. (d) 4. The Recipient shall ensure that the audit of its Respective Part of the Activities Project is governed by: (ia) Regulations 7.1, 7.4 and 7.11 Article XIV of the Financial Regulations Regulations; and (iib) the Financial Management Framework Agreement. (e) 5. The Recipient shall retain, until at least one year after the Bank Association has received the final interim unaudited financial report referred to in paragraph (b) 3 of this Section 5 covering the quarter in which the last withdrawal from the Grant Account was made, all records (contracts, orders, invoices, bills, receipts and other documents) evidencing all expenditures in respect of which withdrawals from the Grant Account were made.Section