The World Bank
Agriculture Modernization Project (P158372)
Page 59 of 70
this is presented as an effectiveness condition.
15.
External audit: UZAIFSA will be responsible for arranging the annual audit of the Project Financial Statements. The
Project Financial Statements’ audit will be conducted by independent private auditor firm on TOR acceptable to WB. The
audit will include: (a) audit of project financial statements; and (b) review of the internal controls of UZAIFSA with special
attention to the compliance with requirements established in WB guidelines and procedures and also the local legislation
requirements. No entity audit will be required. The audited project financial statements will be disclosed to the public in
a manner acceptable to WB. Following the WB’s formal receipt of these statements from the Borrower, WB will make
them available to the public in accordance with the WB Policy on Access to Information. Audit of the project financial
statements will be financed from the loan proceeds.
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