Para 3.17.24 — MSO (Audit)
Original Rule Text
3.17.24 Where SOE procedure is used for loan disbursement, the SOE should be integrated to become a part of project financial statement.
What This Means
When the Statement of Expenditure (SOE) procedure is used for loan disbursement, the SOE should not be treated as a separate document. Instead, it must be integrated into and become part of the overall project financial statement, ensuring complete and consolidated financial reporting.
This explanation was generated with AI assistance for educational purposes. Always refer to the official gazette notification for authoritative text.
Key Points
- 1SOE must be integrated into the project financial statement
- 2This applies when SOE procedure is used for loan disbursement
- 3Ensures consolidated and complete financial reporting
- 4Prevents discrepancies between SOE and project accounts
Practical Example
A project director submits the annual project financial statement for a World Bank-funded watershed management project but prepares the SOE as a separate standalone document. The auditor advises that the SOE must be merged into the project financial statement so that total project expenditure, Bank reimbursements, and government counterpart funding are all reflected in one consolidated report.
This explanation was generated with AI assistance for educational purposes. Always refer to the official gazette notification for authoritative text.
Frequently Asked Questions
Why must the SOE be part of the project financial statement?▼
Who is responsible for integrating the SOE into the financial statement?▼
This explanation was generated with AI assistance for educational purposes. Always refer to the official gazette notification for authoritative text.