Common use of Audit and Evaluation Clause in Contracts

Audit and Evaluation. (1) The Board shall ensure the maintenance of accounts adequate to record the operations of the CARICOM Development Fund and to reflect, in accordance with generally accepted accounting principles, the status of the CARICOM Development Fund showing the income and projects and programmes financed thereby. (2) The Board shall appoint an auditor. (3) The accounts of the CARICOM Development Fund shall be audited at the close of each financial year by the auditor who shall prepare a report of the accounts of the CARICOM Development Fund. (4) The auditor shall include in the report, a statement whether, in the auditor’s opinion – (a) the income and expenditure for the financial year under review gave a true and fair view of the income and expenditure of the CARICOM Development Fund; and (b) the balance sheet for the financial year under review gives a true and fair view of the financial affairs of the CARICOM Development Fund at the end of that financial year. (5) An auditor appointed by the Board under paragraph (2) shall have the right to access at all reasonable times, the books, accounts, vouchers and other records of the CARICOM Development Fund and shall be entitled to require from the Chief Executive Officer and other officials and staff of the CARICOM Development Fund, such information and explanations as he considers necessary for the performance of his duties as auditor. (6) The Board shall submit to COFAP for approval the audited financial statements of the CARICOM Development Fund including a general balance sheet and a statement of income and expenditure together with the statements relating to the contributions, subventions and the income. (7) The audited financial statements referred to in paragraph (6) and evidence of their approval by ▇▇▇▇▇ shall also be submitted to the annual meeting of contributors and donors. (8) The Board shall include in its Annual Report appropriate information on contributions and subventions, projects and programmes financed by the resources, and the receipts and disbursements of, and the balance in, each contribution and subvention. (9) The Board shall undertake a detailed in-depth evaluation of the operations of the CARICOM Development Fund which shall be completed for distribution to the contributors and donors at least three (3) months prior to the annual meeting of contributors and donors immediately preceding each fourth annual meeting of contributors and donors and shall include - (a) the financial situation of the CARICOM Development Fund; (b) the uses for which the resources have been committed; and (c) the general operations and issues associated with the CARICOM Development Fund.