A CHARTERED[ ACCOUNTANTS UDIN: - 19068385AAAABE1598 Auditor's Report on Project Financial Statements for the Financial Year 2017-18 To The Managing Director Bihar State Educational Infrastructure Development Corporation, Patna Report on the Audit of the Project Financial Statements Opinion We have audited the accompanying Project Financial Statements of Enhancing Teacher Effectiveness in Bihar Operation" financed by the International Development Association in accordance with the Financing Agreement and Implementing Entity Agreement both dated 10.01.2019 IDA Credit no. 5578 IN and implemented by Bihar State Educational Infrastructure Development Corporation. These financial statements comprise of the Interim unaudited financial report (IFR) for the period under audit, and notes to the financial statements, including a summary of significant accounting policies (collectively referred to as the "Project financial statements" - PFS). In our opinion the accompanying PFS give a true and fair view of the cash receipts and disbursements for the year ended on March 31, 2018 and the expenditure of the Project for the year ended on March 31st 2018 and its cash flows for the year then ended in accordance with the Financing Agreement and Implementing Entity Agreement stated as above. Basis of Opinion We conducted our audit in accordance with the Standards on Auditing (SAs) issued by Institute of Chartered Accountants of India (ICAI). Our responsibilities under those standards are further described in the Auditor ' Resp)onsibilities for the Audit of'the Financial Statements section of our report. We are independent of the implementing agency in accordance with the Code of Ethics issued by the ICAI and the ethical requirements stated in our letter of appointment no 256 dated 10.01.2019 for undertaking this assignment, that are relevant to our audit of the financial statements, and we have fulfilled our other ethical responsibilities in accordance with these requirements and-ICAI's Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Registered office: +91 78700 99007 +91 612 2973080 connect.patna@guptasachdevaJin 103, 1st Floor, Jagat Trade Centre, +91 75649 00708 +91 612 2973081 fcbo.o19P scd% Fraser Road, Patna - 800 001 +91 75649 00710 +91 612 2973083 ~ 1CbO on utscdv Management's Responsibility for the Project Financial Statements The Project Management & Board of Directors of BSEIDC are responsible with respect to the preparation of these project financial statements in accordance with the Project Financing Agreement and Implementing Entity Agreement, accounting principles generally accepted in India, including the applicable Accounting Standards. This responsibility also includes maintenance of adequate accounting records for safeguarding the assets of the Fund and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the project financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error. Auditor's Responsibility for the Audit of the Financial Statements Our responsibility is to express an opinion on these project financial statements based on our audit. We have taken into account the provisions of the Project Financing Agreement and Implementing Entity Agreement, the accounting and auditing standards and matters which are required to be included in the audit report. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the project financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the project financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Management's preparation of the project financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the management, as well as evaluating the overall presentation of the project financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the project financial statements. Report on Other Legal and Regulatory Requirements Further to our opinion on the Project Financial Statements we report that in our opinion and to the best of our information and according to the explanations given to us, we believe that project expenditure during the period of audit has been correctly reported in the Project Financial Statement. Further we also certify that: a. Project funds were utilized for the purpose for which they were intended. b. Project expenditure were exclusively financed through the project funds and no other sources of funds have been received for incurring those expenditures. c. Proper books of accounts have been maintained and Project Financial Statement are in agreement with the books of account. d. Project financial statement has been prepared on cash basis in accordance with the accounting policies disclosed in the audited annual financial statements of BSEIDC and applicable to the preparation of the Project financial statement. e. Interim Financial Reports (IFR) submitted by the Project management can be relied upon to support applications for withdrawal of the Loan, and adequate supporting documentation has been maintained to support these claims; f. The accounting and internal control systems underlying the project and oversight over the Project funds except for the possible effects reported in management letter from auditor were adequate and maintained throughout the audit period, and g. Procurements made by BSIEDC under the project had been undertaken in accordance with agreed procedures. Other Matter We have not audited the financial statements/information of Financial Statement of BSEIDC for the year ended 31st March 2018 which has been audited by another auditor and whose reports have been furnished to us. For Gupta Sachdeva & Co. (Chartered Accountants) (Firm Reg. No.. 006706N) Gourav Gunjan (Partner) (M. No.: 068385) Date:20.08.20 19 Place: Patna Quarter ended 31.03 2018 IFR 1 Enhancing Teachers effectiveness in Bihar - TA component BSEIDC Interim Unaudited Financial Report Date Summary Sheet For the period 01.01.2018 to 31.03.2018 Amount ( RS.) Category Description Gross Eligilb e Re-imbursment % Net Eligible expenditure Source of Fund expenditure 1 Consultants services, Training and 1,10,20,731.GO 100% 1,10,20,731.00 Workshops and Incremental opertaing costs for the project, Government of Bihar (I08 A/C - JTotal 1,10,20,731.00 -_______ 11,0710 70146) Note Th is to certify that the expenditure is in agreement with the project books of accounts maintained at BSEIOC and supporting documents Including confirmation of delivery of output along with timesheet In case of Al individual consultants by D (R&T) and SCERT are available in office of BSEIDC. lHea i ce, BSEID MD 85EIDC Eeded 31.03.2018IFR2 Particulars Quarter Ended 31.03.18 IN/ues NR up s (INR/Rupees) INR/Rupees INR/Rupees For 01.01.18 to 31.03.18 FY 2017-18 Cumulative AOPemraBance inrs r d a 5ccount ) (3,26,48,674.70 1,6484,573.00 2,50,32,000.00 Additions t8)(nterest received from SB Account) 2,10,504.00 6,71,887.00 12,69,797.00 Recrpt fromen PD account 2,00,25,600.00 2,00,25,600.00 other Income (if any) Total Receipts (C) 3,28,59,178.70 3,71,82,060.00 4,63,27,39700 Less: Expenditure against TA activity (Add rows as applicable) 1. Consultant Services PMU support 25,36,934,00 91,21,447,00 ICT hardware and media content 4,75,540.00 2,75,540.00 4,75,5400 Non conventional energy resource Enhancement on procurement and FM system and ToR for consultancy of ERP SCERT FM strenthening SCERT Program management SCERT ICT and continuous professional development (CPD) SCERT Leadership Training SCERT midline and endline studies on Teacher performance Impact evaluation studies Human resource management information system----- - sruvey of SMC*s verification agencies 1,02,2,3 .00 1,18,17,44.00 1,18,17,44.0 2. Training and workshop costs 3. incremental operating costs (Centage by B5EIDC) 00 463130 2,19,4300 4. Reconciliation for the Interim fund arrangement (Bank) 5. Reconciliation for the interim fund arrangement (Bank )----- - 6. Audit Fees300U3,000 6,0.0 Less; Expenditure other than TA activity ( bank charges) 4130 00401000.0300000 Tota Exendiure(D)1,10,20,731.00 1,53,43,612.30 2,44,88,949.30 Closing Balance (C-D) 21,8477 ,83,4,0 21,8477 Closing balance as per bank statement Difference (if any) 2718 78,447.021 8477 Working Notes 17,4 0 7,7990 1. The bank account statement should be provided along with IUFR. 2. Any difference between closing balance as per IUFR and as per bank statement should be reconciled and staterment provided alongwith. The difference arises due to T which Is duly paid on April'18( TOS 3.46,957 &Re imbursement of Rs 68,10,992 )& Rs. 20,000/- from Administrative account) Head of Fi ance, BS D MD BSEIDC . ы � � L1 ..�п '� . Lx. � . � ~ ro � N � С!1°�..�.:�,... ��� N 1-+ n � � � У;. �:��_ ._..+°°""иw CS t0 Q� tS1 �О � � з :ii � ���� �� -а �' '� � �. С n � i�г сл ы� �' � п, -,�°'. � � i � � � -�м � � � �L�, w �n � , .J � у � С � � п N . 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