Reporting un [conomy, EfficiEncy S Effactivsnåss in the usa of Public Resources

AIN: 15624

FINANCIAL AUDIT REPORT OF THE WORLD BANK FUNDEDPROJECT

"PFM-MDF GRANT FOR STRENGTHENING PUBLIC FINANCIALMANAGEMENT",

DPA, THIMPHU

PERIOD: 01.07.2017 TO 30.06.2018

NOVEMBER 2018

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ROYAL AUDIT AUTHORITY

IBhutan Integrit'Y ouseReportng on Economy Eficiency S Effectiveness in the use of Public Resources

RAA/AR/GGI)/DPA(PFM-01)/2018/ Dated:

The DrectorDet rtment of Macroeconomics AffairsUnistry of Financehimphu: Bhulan

Subject: Financial Audit Report ofthe World Bank funded Project "PFM-MIIDF grant forstrengthening financial managenient", DPA, Thimphu for the period lJuly 2017 to 30June 2018

Sir.

Enclosed herew ith please find three sets of audited financial stateientsandauditors'reportthereon in respectof the World Bank funded Project ~PFM-MDF grant for strengthening financial managernent', DPA,Thimphufor the financial year ended 30 June 2018.The audit was conducted as required under the Audit Act ofBhutan 2018, and in,accordance with international Standards of Suprerne Audit Institutions (ISSAIs).

Two copies of audited financial staternents and auditors' report may be forwarded to World Bank Countryoffice. Thimphu.

Auditor's Report on the Financial Staternent

As may be noted from the auditors' report, the financial statements are prepared by the Project,in all materialrespects. in accordance with Financial Rules and Regulations 2016 and Project Agreement. Accordingly, theRAA has expressed unmodified (unqualified) opinion on the financial statements.

Audit Findings and Recommendations

The auditors' reN ie\\ of the accounting records. interna controls and operations of the Project revealed somedeiciencies and lapses. HoweNer, one (1) audit finding issued ha\e been settled in view of justificationsprovided, related documents and evidences furnished subsequently \llichi are transmitted separately to theProject in the form of ManagementAppriisal Report for future reference and compliance.

The Ro al Audit Authority acknowledges the kind co-operation and assistance extended to the audit team by theofficial, Iof the Project, which facilitated the completion of the audit.

Yours iJicerely.

(Dec elden)Assistant Auditor General

P.O Bov 191 1 Kawang1angsa Thimphu l Bhutan i Tel: -9~5-2-322111 328729/ Fax: +975-2-323491

Website: ww w.bhutanauit .bt it Email: iobhutanaudit lbt:tkzanbhutanaudttov.bt

Copy to:

I. The Director, Departnient Of- PuIblic Accounts. Thimphu2. Tlie Project Manager. PFM-MDF, DPA, Thimphu3. The AAG, PPAARD. RoNal Audit Authorit½, Thimphu

F4. The AAG, Follow-Up & Clearance Division, Ro> al Audit Authority, Thiniphu

I. Title : Financial Audit Report of the World Bank fundedProject "PFM-MDF grant for strengthening financialmanagement", DPA, Thimphu

2. Head of the Project Sonam Tobgyel, Chief Finance OfficerEID No. 9407084From: ISeptember 2017- till date

3. Draw ing and Tshering Dorji, Chief Finance OfficerDisbursing EID No. 9711016Officer From: 1September 2017- till date

Finance Personnel : Sonam Mendrel Wangmo, Accounts Assistant4 ELID No.201007047

From: ISeptember 2017- 30 June 20185 Period Audited : 0I"07,2017 to 30/06/20186. Schedule of Audit : Planning: 12/10/18to 14/10/2018

Actual :15/10/18 to 07/11/2018Reporting : 28/12/18

7. Composition of teams : Team Leader:Chheda. Senior AuditorEID No.200407064

Team Members:1. Kinley Choden, Asstt. Audit OfficerEID No.20150104946Passang, AuditorEID No.9510027

8. Supervising Officer : Dechen Pelden. Assistant Auditor GeneralELID No.9811009

9, Oxerall Super ising : Prem Mani Pradhan. Joint Auditor General, DSAOfficer EID No. 8304036

10. Engagement Letter No : RAA/GGD/ENG/DPA(PFM-01/2018/2947Dated 12 Octobef 2018

11. Focal Person Passang12. Date of Exit : Not conducted

Con ference

Disclaimer Note

The coverage of this report is based on the facts, figures and information made available and accessibleto the audit team bN the project management of the World Bank funded Project "PFM-MDF grantfor strengthening financial management", DPA, Thimphu. The opinion of the auditors shall confineto the period covered and information made available till the time of issue of this report.

This is also to certifN that the auditors during the audit had neither N ielded to pressure, nor dispensedan% faour or resorted to any unethical means that would be considered as violation of the Royal AuditAuthorit\'s Oath of Good Conduct., Ethics and Secrecy of Auditors.

Glossary of Abbreviations & Acronyms

AR Audit Report

CID No. Citizensbip IdentitN Card NumberDSA Departrnent of Sectoral AuditDPA Department of Public AccountsEID No. Emplo½ee Identification Number

FUCD Follow-Up and Clearance Division

GGD General Governance Division

IUFR Interim Unaudited Financial ReportMDF Multi Donor FundedPFM Public Financial ManagementPP & AARD Policy, Planning & Annual Audit Report Division

AUDITORS' REPORT ON THE FINANCIAL STATEMENTS OFTHE WORLD BANKFUNDED PROJECT "PFM-MDF GRANT FOR STRENTHENING FINANCIALMANAGEMENT", DPA, THIMPHU FOR THE FINANCIAL YEAR ENDED 30 JUNE2018.....................................................................................9

;ENCLOSURES:

1. Management Assertion Letter2. Statement of Sources and Uses of Funds3. Statement of Uses of Funds & Projection by Project Activities4, Advance Account Reconciliation Statement & Cash Projection5. Statement of Prior Review Contracts6. Statement of Post Review Contracts7. Statement of Fund Status fron DPA8. Expenditure Statements9. Rank Statement10. Reconciliation of claims to total application of fundsI .Signficant Accounting Policies and Explanatorj Notes

ANNEXURES:

A : PR O F IL E ....................... .......................................................................................... 1B : A C H IEV E M E N T S .......................................................................................................... 7

AUDITORS' REPORT ON THE

FINANCIAL STATEMEITS

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ROYAL AUDIT AUTHORITY RAABhutan 117tegifty Youse

Reporting on Economy Efficiency G Effectiveness in the use of Public ResoLwces

AUDITORS' REPORT ON THE FINANCIAL STATEMENTS OF THEWORLD BANK

FUNDED PROJECT"PFiNI-NIDF GRANT FOR STRENGTHENING FINANCIALMANAGEMENT", DPA, THENIPHUFOR THE FINANCIAL YEAR ENDED 30 JUNE 2018

Opinion

\Ve have audited the accompanying financial statements of the World Bank funded Project "PFM-MDF,-rant fbi stren,_,thenin- Financial manaoernent", DPA. Thiniphu ,Nhich comprise the StatementOr SOLINCS and (_ ses of Funds and schedules forming part of thefinancial staternents for thefinancial year ended 10 June 2018.

In Our opinion, the financial statements are prepared, in all material respects, in accordance with theFinancial Rules and Regulations 2016 and Project Agreement.

Basis for Opinion

We conducted Our audit I accordance "ith International Standards of Supreme Audit Institutions(ISSAls). Our responsibilities under those standards are further described in the Andifor'sResponsibilitiesfor the Audit of Financial S tatement section of our report. We are independent ofWorld Bank funded Project "PFM-MDF grant for strengthening financial management", DPA,ThimphU, in accordance with RA-4's Oath of Good Conducl, Ethics& Secrecy of Auditors, and wehave fulfilled our responsibilities in accordance with the requirements outlined in this Code. Webelieve that the audit evidence we have obtained is sufficient and appropriate to provide a basis forOur opinion.

Responsibilities of Management and Those Charged with Govei-nance for the FinancialStatements

Management is i-esponsible for preparation of the financial statements in accordance with theFinancial Rules and ReC11-11.ations 2016and Project Agreement and for such internal control asmanagement determines is necessar\ to enable the preparation of financial staternents, that are freefrom material rn isstatement. k hether due to fraud oi- error.

Those charaed Nith oovernance are responsible for overseeing the Project's financial reportingprocess

Auditoi-'s Responsibilities for the Audit of the Financial Statements

utobjectives are to obtain reasonable assurance about liether the financial statements as a XNhole-ee from material misstatement. vdiether due to fraud oi- error. and to issue an uditor's report

that includes Our opinion. Reasonable assurance is a high level of assurance, but is not a OUaranteethat an audit conducted in accordance with ISSAls Nvill always detect a material misstatet ent whenit exists. Misstatements can arise from fraud oi error and are considered material if, orin the agare-ate, thc could reasonably be expected to influence the econornic decisions of userstaken on the basis of these financial statements.

P.0 Bov 191 1 Kawan- an sa I Thimphu I Bhutan 1 Tel +975-2-322111/328729/ Fax: 1-97-2-323491

Web, ite- wwk\ bhut,11130dil go\ ,bt I Email Info,'Nint,anaudit vo% t* 11'e"'111 kiJ)hL1tanaudit.,_,ov.bt

A further description of our responsibilities for the audit of the financial statements is included inAppendix-1 of this auditor's report.

Report on Other Requirement

We report that:

(a) The funds provided under the Grant haxe been utilized for the purposes for which they wereprovided;

ib) The Interim Unaudited Financial Report (lUFR) submitted could be fairly relied upon tosupport the applications for withdrawNals in accordance with the requirements specified inthe Grant Agreement;

(c) With respect to Sources and Uses of Funds, adequate supporting documents have beenmaintained to support claims to the World Bank for reimbursements of expendituresincurred; and

(d) All expenditures reported and claimed are eligible for financing under the Grant Agreement.

(Dech -Iden)Assistant Auditor General

Date:

10

Appendix - I

Auditor's Responsibilities for the Audit of the Financial Statements

As part of audit in accordance xith ISSAls. x1e exercise professional judgement and maintainprofessional kepticism throughout the audit. We also:

* Identify and assess the risks of material misstatement of the financial statements, whether due tofraud or error. design and perform audit procedures responsive to those risks, and obtain audite idence that is sufficient and appropriate to provide a basis for our opinion. The risk of notdetecting a material misstatement resulting from fraud is higher than for one resulting fromerror. as fraud maN in\oke collusion. forgerN. intentional omission, misrepresentations, or theoxerride of internal control.

* Obtain an understanding of internal control relevant to the audit in order to design auditprocedures that are appropriate in the circumstances, but not for the purpose of expressing anopinion on the effectiveness of the Project's internal control.

We communicate with the management. among others, the planned scope and timing of the audit andsignificant audit findings, including any significant deficiencies in internal control that we identifyduring the audit.

11

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EJP-17CLOSURES

12

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ROYAL GOVERNMENT OF BHUTANMINISTRY OF FINANCE

TASHICmIHO DZONG

MoF/ACCTS/PFM-MDF-0l /2018-2019 I November 02. 2018

The Auditor GeneralRoyal Audit AuthorityRoyal Government of Bhtan

Hon*ble Dasho,

This assertion letter is provided in connection with your audit of the financial statements of thePFM-MDF financed strengtliening public financial management project for the year ended June2018. We acknowledge our responsibility for the fair presentation of the financial statemerits inaccordance with the cash basis of accounting followed by the Royal Government of Bhutan, andwe confirm to the best of our knowledge and belief, the following representations made to youduring your audit:* The project financial statements are free of material misstatements, including omissions.* Project funds have been used for the purposes for which they were provided.* Project expenditures are eligible for financing under the Credit/ Grant agreement.* There have been no irregularities involving management or employees who have asignificant role in internal control or that could have a material effect on the project financialstatements.* We have made available to you all books of account and supporting documentation relatingto the project.

The project has complied with the conditions of all relevant legal agreements, including theFinancial Agreement, the Project Agreement, the Project Appraisal Document. the Minutesof Negotiations and the Borrower's -Project Implementation plan.

Yours iicerely,

(Project Manager)Sonam Tobgyel

(Chief Finance Officer)-Tshering Dorji

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MINISTRY OF FINANCEPFM-MDF FINANCED-STRENGTHENING PUBLIC FINANCIAL MANAGEMENT PROJWf__

Staternent of Sources and Uses of FundsFiseal Year 2017-18

-J IIFR - IP-l -- Aq "flt-

A ý«rcesI BankiRGoB Fund Released 7,570t736.80 6,734,857.20 14,305,594.00 14,305,594.00

W51,ý941jýýi13 1 ;es øf Funds by Category

Expenditures - IDA Financed 4ý277,790.59 7,481,413.89 ---il-,759,204.48 11,759,204ASFxpenditures - RGoB Financed

48l ýý1 3 1 7cý -ýftNet Change (A-B) (746,55 2,546,389.52-3,292,946.21 6.69)j 2,546,389.52D OpeningBalancesl PLC - Cash --T2J PLC - Bank 2,496,746.213 ; PWA Advances CIF41 Others

Net Chan .69) 2,546,-a ave) 3,292,946.21 (746,556 389,52 2,546,389.52- 5." PW Advances B/F

Total Opening Balances:- 3,292,946,21 2,546,389.52 2,546,389.5-2-1 2,546,389.52E Clesing BalancesI PLC - Cash2 PLC - Bank

- -- 2,496,746.213 PW Advances OF 796,200.0041 Lapsedbankbalance 2,546,389.52 2,546,389.52 2,5 389.52Total Closing Balances- 3,292,946.21 2,546,389.52 2,546,389.52 2,546,389.52Amounls kNu.

(Sonam Méndrll Wangmo) g

(Sonam Tobgyel) T Ciring Dorji)ProjeetAccountant Head, Finance ce ion reetProjeet Manager

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MINISTRY OF FINANCEPFM-MDF FINANCED STRENGTHENING PUBLIC FINANCIAL MANAGEMENT PROJECT

World Bank Grant No. TF0A5549 - BTFiscal Year 2017-18

Advance Account Reconciliation Statement & Cash ProjectionCurrency of Advance Account: NgultrumsPAR{T I ,

Nuj .-I Cumulative advances to end of current reporting period 50,000,000.002 Cumulative expenditures to end of last reporting period 4,277,790.593 Outstanding Advance to be accounted (line I minus line 2) 45,722,209.41

4 Closing advance balance at end of reporting period 30,000,000.005 Expenditures for current reporting period 7,481,413.896 Add: Line 4 and line 5

37,481,413.897 Difference (if any) (Line 3 minus line 6)/ see note I below 8,240,795.52

8 Total amount to be paid by World Bank 60,975,504.249 Closing advance balance at the end of current reporting period (same as Line 4) 30,000,000.0010 Difference (if any) same as Line 7

8,240,795.52Cash requirement from World Bank for next three reporting periods (line 8 minus line 911 minus line 10) 22,734,708.72

No te 1:Elto for differences:

i. Balance with MoF in GCA (i'e. amount transferred from Designated A/c minus Expenditure repoi 8,240,795.52Total

8,240,795.52

(Sonam Mendrel angmo) (Sona Tobgyel) (Tsherin Dorji) (Ji e nProject Accountant Project Manager Head, Finance Secti ir r

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MINISTRY OF FINANCEPFM-MDF FINANCED STRENGTHENING PUBLIC FINANCIAL MANAGEMENT PROJECT

World Bank Grant No. TF0A5549 - BTFiscal Year 2017-18

Statement of WA Claims Submitted and Dibursement

Withdrawalapplication Claim Submitted Disbursed from World BankUSD BTN USD BTNWA I 50,000,000.00 50,000,000.00Total 50,000,000.00 50,000,000,00

Note 1:Explanation for differences:

Expenditures incurred in the FY 2017-IS claimed in FY 2018-19) 11,759,204.48

(Sonam Men rel Wangmo(Sonnam Tobgyel) (Tshering Dori) (Ji n mgye)Project Accountant Project Manager Head, Finance See o r ctor

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rnnted Date:26/0912018 FINANCIAL INFORMATION ON EXTERNAL PROJECTS INCLUDING OUTSTANDING ADVANCESFOR THE FISCAL YEAR 2017-2018 TO 2018-2019

FICCODE FROM - 4616 FICCODE TO- 4616 1 DONOR - ALL (Arnount in Nu.)

OUTSTANDING CASH WITH

FYIAU FIC ADMINISTRATIVE UNIT/PROJECT NAME CASH RECEIPT RELEASE EXP-INCASH ADVANCE REFUND GOVT.2017-2018

202.01 MINISTRY OF FINANCE

Balance from Previous years:

0.00461 MOF for Strengtliening Public Financial Management 20,000,000.00

000Project

Balance Carried Forward From CBA(Centralized Budget &Accounts):

0.00.- _ .. 6,500,000.00 4,382,54789

' PC . TillI

202.01105/00/040002006.0314616[STRENGTHENING 2,200,242.52PUBLIC PROCUREMENT SYSTEM I

2,386,000.00

202.01/05/001040/002/006.04/4616[STRENGTHENING 2,707,59400 2,481,9300PUBLIC FINANCIAL MANAGEMENT PROCESS ANDSYSTEMS AND THEIR INTEGRATED FINANCIALMANAGEMENT INFORMATION SYSTEM (IFMIS)]

L : t .-. 5 :~~ -:E'*-' ;- ·,- l ̂_. . i..324,736.80

202.01105/00/040/002/006.0614616(STRENGTHENING AND 340,000.00ENHANCING INTERNAL AUDIT EFFECTIVENESS]

.GZ ,','r- --- '..-:. , .- . 100,000.00 100,000.00

Page 1 of 3

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FCCODE FROM

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MINISTRY OF FINANCEPrinted Date :02/1112018 Receipts and Payments Statement

For A/C. No. 202.01/2011-PLC

For the Month of JUNE - 2018

Receipts Payments

No. Group/Broad Head Of Account For the Month Annual Progressive For the Month Annual Progressive Cumulative Balance(Nu.) (Nu.) (Nu.) (Nu.) (-) Cr, (+) Dr

I Opening Balance :

a Cash 0.00

b Bank 2,892,358.46

2 Releasesa. Budgetary 2,934,857,20 14,305,594.00

b. Non-Revenue 261,776.00 261,776.00

c. Refundable Deposits 0.00 0.00

d. Un-cashed Cheques 0.00 0.00

3 Grants in-Kind : 0.00 0.00 0.00 0.004 Borrowings in-Kind : 0.00 0.00 0.00 0.005 Revenue Receipts/Remittances : 44,993.00 77,756.00 44,993.00 77,756.006 Other Recoveries/Remittances

a. GPF: Employee Contribution 0.00 0.00 0.00 0.00b. Govt. Insurance Scheme 0.00 0.00 0.00 0.00c. Other Insurance Premia 0.00 0.00 0.00 0.00d. Loans from Fin. Instts. 0.00 0.00 0.00 0.00e. Others 0.00 0.00 0.00 0.00

7 Personal Advances : 0.00 0.00 0.00 0.00 0.008 Miscellaneous Receipts/Payments:

a, Non-Revenue NC. Deposits 0.00 0.00 261,776.00 261,776.00b. Refundable Deposit A/C. Deposits 0.00 0.00 0.00 0.00

Page 1 of 2

MINISTRY OF FINANCE

Printed Date :02/11/2018 Receipts and Payments Statement

For A/C. No. 202.01/2011-PLC

For the Month of JUNE - 2018

Receipts Payments

No. Group/Broad Head Of Account For the Month Annual Progressive For the Month knnual Progressive Cumulative Balance

(Nu.) (Nu.) (Nu.) (Nu.) (+) Cr, (-) Dr

c Payments to DPA 0.00 0.00 0.00 0.00

d,Others 152,321,00 152,321.00 152,321.00 152,321.00

9 Suspense:

a, Stock 0.00 0.00 0.00 0.00 0.00

b, Purchases 0.00 0.00 0.00 0.00 0.00

c. PW Advances 1,840,737.75 3,119,420.75 381,960.00 3,119,420.75 0.00

d Intra-Agency Assignments 0.00 0.00 0.00 0.00

e Deposit Works 0.00 0.00 0.00 0.00

f. Other Deposits 0.00 0.00 0.00 0.00 0.00

10 Budgetary Expenditure:

a Current 0.00 150.00

b Capital 4,739,603,89 11,759,054.48

c. Lending 0 00 0.00

d, Repayment 0.00 0.00

11 Closing Balances

a. Cash 0.00 0.00

2,546,389.52

it Bank 2,546,389.52

Grand Total: 8,127,043.41 17,916,867.75 8,127,043.41 17,916,867.75

(Signature) (Signature)

Head of Finance Section Head of OfficePage 2 of 2

MINISTRY OF FINANCEPrinted Date :02/11/2018

Expenditure Statement

For A/C No. : 202.0112011 - PLCProgram Code : 040 - PUBLIC ACCOUNTS SERVICESFor the Month Of JUNE - 2018

Codes Expenditure for the month (Nu.) Current Budget Annual Progressive Expenditure (Nu.)

SP AC SAC PIC OBC Name Amount PERS ADV PW ADV Amount (Nu.) Amount PERS ADV PW ADV002 MANAGEMENT & SUPPLEMENTARYSERVICES

0O6 STRENGTHENING PUBLIC FINANCIALMANAGEMENT PROJECT

01 SETTING LEGAL AND OPERATIONALENVIRONMENT AND DEVELOPMENT OFROADMAP FOR GOOD AND SERVICETAX(GST) INTRODUCTION,

4616 MDF for Strengthening Public FinancialManagement Project

45.01 Training - Human Resource Development 1444,664.45 1,444,664 45

45.02 Training - Others 218,200.65 1,033,200-65

54.02 Office Equipment 1,231,400.00 1,360,441 00

54.03 Computers & Peripherals 156,000.00 156,000.00

55,01 Professional Services 388,241.79 388,241.79

93.05 PWA Others

Total FIC Current

Capital 3,438,506.89 4,382,547.89

Lending

Repaymen

Total Sub-Activity Current

Capital 3,438,506.89 4,382,547.89

Lending

Repaymen03 STRENGTHENING PUBLIC PROCUREMENT

SYSTEM4616 MDF for Strengthening Public Financial

Management Project45.01 Training - Human Resource Development -152,321.00

Page 1 of 5

Printed Date -02I1112018 Expenditure Statement

For A/C No. : 202.0112011 - PLC

Program Code 040 - PUBLIC ACCOUNTS SERVICESFor the Month Of JUNE - 2018

Codes Expenditure for the month (Nu.) Current Budget Annual Progressive Expenditure (Nu.)

Name Amount (Nu,)SP AC SAC FIC OBC Amount PERS ADV PW ADV Amount PERS ADV PW ADV

45.02 Training - Others 637,335.00

54.02 Office Equipment 1,562,907.52

93.05 PWA Others

Total FIC CurrentCapital -152,321.00 2,200,242.52Lending

Repaynen

Total Sub-Activity CurrentCapital -152,321.00 2,200,242.52LendingRepaymen

04 STRENGTHENING PUBLIC FINANCIALMANAGEMENT PROCESS AND SYSTEMSAND THEIR INTEGRATED FINANCIALMANAGEMENT INFORMATION SYSTEM(IFMIS)

4610 MDF for Strengthening Public FinancialManagement Project

45.01 Training - Human Resource Development 1,353,418.00 1,966,297.00

45,02 Training - Others 515,634.00

93.05 PWA Others

Total FIC Current

Capital' 1,353,418.00 2,481,931.00Lending

Repaymen

Total Sub-Activity CurrentCapital 1,353,418.00 2.481,931.00LendingRepaymen

06 STRENGTHENING AND ENHANCINGINTERNAL AUDIT EFFECTIVENESS

Page 2 of 5

Printed Date :02111/2018 Expenditure Statement

For A/C No.: 202.01/2011 - PLCProgram Code: 040 -PUBLIC ACCOUNTS SERVICES

For the Month Of JUNE - 2018

Codes Expenditure for the month (Nu.) Current Budget Annual Progressive Expenditure (Nu.)

Name Amount (Mu.)SP AC SAC FIC OSC Name Amount PERS ADV PW ADV Amount PERS ADV PW ADV4616 MDF for Strengthening Public Financial

Management Project45.02 Training -Others

324,736.8093.05 PWA Others

Total FIC CurrentCapital

324,736.80LendingRepaymen

Total Sub-Activity CurrentCapital

324,736.80Lending

Repaymen

07 SUPPORT TO ACCOUNTING ANDAUDITING STANDARD BOARD OFSHUTAN(AASBB) ON IMPLEMENTINGBHUTAN ACCOUNTING STANDARD(BAS)AND ESTABLISHMENT OF PAO

4616 MDF for Strengthening Public FinancialManagement Project

45.01 Training - Human Resource Development 100,000.00 100000.00

Total FIC CurrentCapital 100,000.00 100,000.00LendingRepaymen

Total Sub-Activity CurrentCapital 100,000.00 100,000.00Lending

Repaymen08 CAPACITY BUILDING OF PARLIAMENTARY

COMMITTEES4616 MDF for Strengthenng Public Financial

Management Project

45.01 Training - Human Resource DeveJopment 1,295,181,40

Page 3 of 5

Printed Date :02111/2018 Expenditure Statement

For A/C No. 202.0112011 - PLC

Program Code 040 - PUBLIC ACCOUNTS SERVICES

For the Month Of JUNE - 2018

Codes Expenditure for the month (Nu.) Current Budget Annual Progressive Expenditure (Nu.)Amount (Nu.)

SP AC SAC C OName Amount PERS ADV PW ADV Amount PERS ADV PW ADV

Total FIC Current

Capital 1,295,181.40

LendingRepaymen

Total Sub-Activity CurrentCapital 1,295,181.40

LendingRepaymen

09 CAPACITY DEVELOPMENT IN PUBLICFINANCIAL MANAGEMENT(PFM)

461G MDF for Strengthening Pubc Financial

Management Project

45.01 Training - Human Resource Development 701,086.27

45.02 Training - Others 273,328.60

93.05 PWA Others

Total RIC Current

Capital 974,414.87

Lending

Repaymen

Total Sub-Activity CurrentCapital 974,414.87

Lending

Repayrnen

10 PROJECT IMPLEMENTATION UNIT (PILU),

PFM- MDF PROJECT4616 MDF for Strengthening Public Financial

Management Project

17.02 Op. Exp. -Taxes, Duties, Royalties, Fees, 1,000.00 150,00

Handling Charges, Bank Charges

Page 4 of 5

Printed Date :02/1112018 Expenditure Statement

For A/C No. 202.01/2011 - PLC

Program Code : 040 - PUBLIC ACCOUNTS SERVICESFor the Month Of JUNE -2018

Codes - Expenditure for the month jNu.) Current Budget Annual Progressive Expenditure (Nu.)

Amount (Nu.)SP AC SAC FIC OBC Nam Amount PERS ADV PW ADV Amount PERS ADV PW ADV

Total FIC Current 150.00Capital

Lending

Repaymen

Total Sub-Activity Current 150.00Capital

Lending

Repaymen

Total Activity Current 150.00Capital 4,739,603.89 11,759,054,48LendingRepaymen

Total Sub-Program Current 150.00Capital 4,739,603.89 11,759,054.48Lending

Repaymen

Total Program Current 150.00Capital 4,739,603.89 11,7S9,054.48Lending

Repaymen

Grand Total Current 150.00Capital 4,739,603.89 11,759,054.48LendingRepaymen

Page 5 of 5

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BANK OF BHUTAN

STATEMENT OF ACC0uN-r

ACCOUNTI<O. 200787259 ACCOLINTTYPE CA - GOVERNMEr,47 OEPTCUSTOMER NO 20479627 NAME MDF FOR STRENGTHENING PUBLIC r~NCIAL.STATEMENT rROM Ol-APR-2018to30-JUN-2018 ADDRESs DEPT OF MACROECONOMIC AFrAIRSDATE OF OPENING IO-DCT-2017 MOF

00 Uýnit 0 THIMPHU

CURRENT BALANCE 30.W0-000-00 THIM=THROM NA

RATE 0% 00w00

BRANCH NAME THIMPHU MAIN BRANCH

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BANK OF BHUTAN Referesh Date: 71212018

Page IBaNCS ACCOUNT STATEMENT FOR LC/PLC ACCOUNT8ANK Cw o"UTA N

FROM 01-JUN-2018 TO 30-JUN-2018

Acct No 200384242 Total Budget Aflot'ed, 14,567,370.00202.0112011

Opening Bal 8,423t554.34Acct Branch THIMPHU MAIN BRANCH

Aact Name PFM MDF PROJECT MOF Total Withdrawl 12,020,980.43

Available Balance 2,546,389.52Addressl NIL

Address2

-----------------------------------------------------------------------------------------------------------------------------------------TXN DT TXN DESCRIPTION CHEQUE NO PARTICULARS DEBIT AMOUNT RUNNING BAL

611/2G18 WITHDRAWAL TRANSFER it no#1076(@68,60 246,960.00 8,670,514,34612/2018 WITHDRAWAL TRANSFER ST/4912435 108,272.00 8,778,786.346/1112018 WITHDRAWAL TRANSFER CHGS ST/4911046 978.45 8,779,764.796/13/2018 CHEQUE DEBIT 306831 137,624.00 8,917,388.796/1312018 CHEQUE DEBIT 306830 )3,522.70 9,010,911.496/14/2018 CHEQUE DEBIT 306832 103,755.00 9,114,666.49611412018 CHEQUE WITHDRAWAL 306833 135,000.00 9,249,666,496121/2018 CHEQUE DEBIT 306834 152,880.00 9,402.546.496121/20113 CHEQUE DEBIT 306837 840,898.00 10,243.444.496121/2018 DEBIT TRANS 306829 54,824.00 10,298,268A9612112018 WITHDRAWAL TRANSFER ST/49/2817 387,263.34 10,685,531,83612212018 CAS SINGLE SIDED DEBIT THROUGH 306835 20,972.00 10,706,503,83612512018 DEBIT TRANS 306836 50,505,65 10,757,009,486/2612018 CHEQUIE DEBIT 306839 1,185,800.00 11,942,809,486126/2018 CHEQUE WITHDRAWAL 306840 26,922.00 11,969,731.48612612018 CHEQUE WITHDRAWAL 306841 2,160.00 11. V1 891.48612712018 CAS SINGLE SIDED DEBIT THROUGH 306838 4,096.00 11,975,987.486/2912018 CHEQUE WITHDRAWAL 306843 44,993,00 12,020,980A8

Total Withdrawl: 12,020,980AS

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MINISTRY OF FINANCEPFM-MDF FINANCED STRENGTHENING PUBLIC FINANCIAL NIANAGEMENT PROJECT

WorId Bank Grant No. TFOA5549 - BTFiscal Year 2017-18

RECONCILIATION OF CLAIMS TO TOTAL APPLICATION OF FUNDS

(A) Expenditures as per PEMS 11,759,204.48(B) Expenditures as reported in project lUFR 11,759,204,48(C) Expenditures claimed from World Bank during the year 11,759,204.48

,n the difference between between(B) and (C), if any:Advances wrongly reported as expendituresExpenditures not considered eligible by the bank

Explain the difference e een (B) and (C) if any:Expenditures not yet claimedExpenditures for earlier years claimed this year

(Sonam Men1dr I Wangemo) (Sonam Tobgyel) (Tshering Dorji) Jigfne gy'S e

gyProject Accountant Project Manager Chief Finance Officer I Dir or

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ROYAL GOVERNMENTOF BJIUTA ,NI I N IS TWY' 0 F F I N AN C E

I-kS-41CHMD DZONG

MoF/ACCTS/Pr M-MDF-01/2017-2018( Lf( November 02, 2018

Sianificant Accounting Policies and Explanatory Notes

I. The project Finincial Statemcnts have been prepared on cash basis.

2 Receipts of ftmds by the projects are recognized on the basis of receipt of release from DPA,Ministry or' Finance.

3. Expenditures are accounted for on cash basis as and when disbursements are made.

4, Replenish 16nfs 'frorii-Vorl al are made'on the Interim Unaudited Financial' Report(IUFR:) submitted qua:rter, y.',,

(Sonarn Mendrel Wangrno) (Sonarn Tobgyel) (Tsherin Dorj!) (If9m aProject Accountant Project Manager Head, Finance Seotion 0,

Post Box No 117 Fel 9 PAB.Y., 00975 2- 32-271132228,5,3 '222 31.122.';14,1327703. F(L%., 323154,

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ANNEXURES

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ANNEXUREA: Profile

Project: Strenathenina Public Financial N'lana-ernent (PFM)

Funding: Multi-Donor Fund (MDF)

The idulti-Donor I'Linded "Sti-CII-thening PUblic Financial Management (PFM-MDF) project isdesigned to provide technical assistance to respond to select challen(yes identified in the 2016PEFA Assessment and inclUded in the RGoB's UNI Refori Strategy and Action Plan 20172020 The project is supported by the ELH-OpCan Union (EU) with USD 3.000 million andALIstrian Development Cooperation (ADC) with USD 1.000 million totaling to USD 4.000million. The project is to be administered by the World Bank and implemented by the Ministryof Finance.

The Pi-oject components with its SUb-component and their costing are as indicated belo, v:

CT"Project Components/Sub-Components Project % of

cost Total

Strengthening PFM Legal and Institutional Framework 1.000 25.0%i Setting the legal and operational environment and developing a roadmap MOO 20.0%

for the GST Introductionii Improving Budget documentation and classification through enhanced 0.200 5.0%

I tbcus on gender and climate change2 Strengthening Budget Execution and Oversight Capacities 2.200 55.0%2a Strengthening Public Procurement Systems including automation 0.400 10.0%

i Design and Implementation of Electronic Government Procurement (c-GP) 0.250 6.3%H Procurement policy re- iew and capacity development 0.150 3.8%-oving Accountingand Reporting Systems2b Impi 0.950 23.8%

i Strengthening PFM processes and information s,,stcnis and thuir integra ion 0.600 -T1,(41. n1o" im) tk)%Nard , IF MIS

ii Implementing IPSAS 1 0.350 i.8%2c Strengthening Internal Controls and Accountability Institutions 0.5 1 13. P/.

i Enhancing Internal Audit Effectiveness 0.150 8.8%ii Supporting AASBB on Implementation of Accounting and Auditing 0,100 2.5%

Standards and E tablishnient of Professional AccountaneN Oroanization

iii Capacit% BUilJi112 ot'ParlianientarN Committees 0.100 Po2d Capacity Development inPFNl 0.300 7.0%3 Unallocated Contingences 0.800 2 .0%

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ANNEXUREB: Achievements

The Royal Audit AuthoritN while reviewing the accounting records and operations of the WorldBank funded Project"PFMI-VIDIF grant of strengthening financial management". DPA, Thirnphuhad also reviewed the plans and programs implemented during tile period under audit and notedthe fol IoN ing accompl ishments:

S L. COMPONESTS/ INDICATORS ACHIEVENIENTS/PROGRESSNO.

I Projject implementation Unit Annual Perf6nnance Agreement APAs for FY 2016-17 & 2017-18(PIU), PF%11-%1DF (APA) have been published at have been published in the website

least annually % \v xypms,gov-bt of the GovernmentPerformance Nlanagement Divisionof the Office of the Prime Minister &Cabinet

Department of' National Bud el. Situation Reporthaxe Budget Situation Reports for Q1, Q2BUd1)e[ i DN13) I been prepared ithin four N% eeks &- Q4 are prepared.

trorn the quarter end For Q3, the information , as includedin the National Budget Report for FY2018019 as revised budcet for FY2017-18.

3 Go%ernnienl Procurement & 10% of bids imited through e- 69% ofthe APP is done through e-GP1 Propert Mana-ement GP using National Competitive by three pilot ministries1 Division (GPPNID). DNIP BiddinS (NCB)

4 Depariment of Re ,enue &- Cabinet approves the concept Cabinet approved the concept noteCustoms (DRC) note (frarne Nork) on GST (framework) on August 25, 2017

introduction5 Department of Revised Budget Report template o Revised template drafted

Macroeconomic Affairs drafted(DM, E A)

6 Department of Public Initiation of e-payment project - Completed major work oil PEMSAccounts (DPA) covering P[MS EFT interface codin changes9

and automated bank BoB is read while RIA is vet to bereconciliations read%.

Ceolral Coordinatin-Agene, 125 Number of internal audit Completed [40 audit engagementsfor Intemal Audit Ser ices engagements (auditable units) with the FYWCA, ]AS). MoF annuall

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