16 Aug 2022
According to Clause 4.02 (а) of the Financing Agreement between the Government of the Kyrgyz Republic and Asian Development Bank for the CAREC Corridor 1 and 3 Connector Road Project dated December 02, 2016 the Beneficiary shall (i) maintain separate accounts and records for the Project, including separate accounts and records for the Loan and Grant; (ii) prepare annual financial statements for the Project in accordance with accounting principles acceptable to ADB; (iii) have such financial statements audited annually by independent auditors whose qualifications, experience, and terms of reference are acceptable to ADB, in accordance with international standards for auditing or the national equivalent acceptable to ADB; (iv) have the auditors prepare a report (which includes the auditor's opinion on the financial statements, use of the Loan and grant proceeds and compliance with the financial covenants of the Financing Agreement as well as on the use of the procedures for imprest fund(s) and statement of expenditures) and a management letter (which sets out the deficiencies in the internal control of the Project that were identified in the course of the audit, if any); and (v) furnish to ADB, no later than 6 months after the end of each related fiscal year, copies of such audited financial statements, audit report and management letter, all in the English language, and such other information concerning these documents and the audit thereof as ADB shall from time to time reasonably request.
42, Isanov str., 720017, Bishkek, Kyrgyz Republic
