"OD BURTGEL AUDIT" LLC INDEPENDENT AUDITOR'S REPORT SMART GOVERNMENT PROJECT IDA CREDIT X25483-MN Audit of financial statements as at 31 December 2018 Ulaanibaatar city C OD BURTGEL-AUDIT AUDITING, WARRAN 1, ACCOUNTING, CONSULTING INDEPENDENT AUDITOR'S REPORT TO: NURGUL.CH, PTIJ COORDINATOR OF SMART GOVERNMENT PROJECT Opinion We have audited the Financial Statements comptising Ihe Balance Sheet, the Statement of Project Sources and Uses of Funds, the Statement of Expenditures and the Designated Account Statements of SMART Government Project funded by Intenational Development Association (Credit No: 5483-MN) and Government of Mongolia for the year ended December 31, 2018 In our opinion, the Financial Statements of the SMART Government project as at December 31, 2018, has been accurately and objectively disclosed in aecordance with tihe requiremneuits of International Public Sector Accounting Standard (IPSAS), the Financing Agreements (IDA Credit 5483-MN), the Project implementation manual and other relevant guidelines and procedures. Basis for Opinion We conducted our audit in accordance with Tnternational Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditor's Responsibili(es/or ihe Audit of the Tinancial Siaieients section of our report. We are independent of the Pruject iII accordance with the International Ethics Standards Board for Accountant's Code of Ethics for Professional Accountants (IES13A Code) together with the ethical. requirements that are relevant to our audit of the financial statements in Mongolia, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code- We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Key Audit Matters Key audit matters are those matters (hat, in our professional judgment, were of most significance in our audit of the financial statements of the current period These matters were addressed in the context of our audit of the financial statements as a whole and in forming our opinion thereon, and Of ii auditor has not determined the key matters that required to be disclosing a separate, and not provide a separate opinion on these matters. Responsibilities of Management for the Financial Statements The project management is responsible for the preparation and fair presentation of the Financial Statements according to the requirements of the IPSAS, the DA Financing Agrement, the Project implementation manual and other relevant instructions and procedures and for such intemal control as management determines is necessary to enable the preparation of fInancial statements that are free from material misstatement, whether due to fraud or error. Auditor's Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasunable assurance is a hidi level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material misstatement if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: I Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from en-or, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. > Obtain an understanding of .internal control relevant to the audit in order to design audit procedures lhat are appropriate in the circumstances. Evaluate the appropriateness of accounting policies used under the project and the reasonableness of accounting estimates and related disclosures made by management. ;> Conclude on the appropriateness of management's use of the going concern basis of - accounting and, based on the audit evidence obtained, the project determines whether a material uncertainty exists that may cast significant doubt on the Project's ability to continue as a going concern within a specified period oftime- > Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a mainer that achieves fair prusentation. We comni unicae with project management regardingt amoung other matters, the planned scope and timing of the audit and significant audit findings. meludin any siglfiant deficiencies in mterna] control that we identiÅv durmn our audit. GENERAL DIRECTOR OYUNAA, U DATE: a/9 o f [ 1r "SMA RT Govrx ernment Pr-ojecrl FniileaW Stat iime91f for the yCar ueled December 31, 2018 Credil No: 5483-MN Tlie Gove mmrit of M ongolia The Inte malional Development- Asociation Credit K"5483-M N SMART Govemient Poject BAANCE SIIFT For the year ende d December 31, 2018 (in USD) Note Cumulative to Cumulative to Dec 3L 2018 Dec 3L 2017 ASSETS Cash and cash equivalent: 4 994,521.80 866,878.51 Casli on hand - - Casli at bank Operaing accuwt 8.787.22 14,907.43 Designated acownt 985,734.58 851,971.08 Cumulative project ex pe nditures: 3,>fl39,328.44 2,550,779.11 Goods 1,026,153.13 864,034.52 Non conskdtant services 371,754.55 371,754,55 Consulant servces 1,078,634.38 870,358.10 Training and Workshop. 530,874.42 424,662.90 Operatingcosts 31,911.96 19,969.04 TOTALLASSETS . 4,03,850.24 3,417,657.62 SOURCES IDA Fand 3,954,037.33 3,359,413.06 OIJer sources 4 79,812.91 58,244.56 TOTAL SOU LR SES OF FUNDS 4,033,850.24 3,417,657.62 Prepar by: Approved by: OyLC-Erdene.Yo NurgulCh Enancial managemeni specialist Project Coordinator "OD BURTGEL AJID1'' LLC 1r ji COD BURTGEL-AUDIT AUDITING, WARRANT, ACCOUNTING, CONSLITNG INDEPENDENT AUDITOR'S REPORT TO: N1JRGI L.CI, PIt COORDLNATOR OF SMART GOVERNMENT PROJECT Opinion We have audited the accompanying Statement of Project Sources and Uses of Funds of SMART Government project funded by International Development Association (Credit No: 5483-MN) and Government of Mongolia for the year ended December 31, 2018. In our opinion, the Statement of Project Sources and Uses of Funds of SMART Government project for the year ended December 31, 2018, has been accurately and objectively disclosed in accordance with the requiremienits of the Financing Agreements (IDA Credit 5483-MN), the Project implementation manual and other relevant guidelines and procedures. Bsis for Opinion We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in-the A udior 's Responsibilites for the Audit of the Pro/ect Statemcnts section of our report- We are independent of the Project in accordance with the International Ethics Standards Board for Accountant's Code of Ethics for Professional Accountants (IESBA Code) together with the ethical requirements that are relevant to our audit of the financial statements in Mongolia, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code- We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Responsibilities of Management for the Financial Statements The project management is responsible for the preparation and thir presentation of the Statement of Project Sources and Uses of Funds in accordance with the IDA Financing Agreement, the Project implementation manual and other relevant instructions and procedures and for such internal control as managcmecnt determines is necessary to enable the pIrepara[ion of financial statements that are free from material misstatement, whether due to fraud or error- E7 Auditor's Responsibilities for the Audit of the Project Statements Our objectives are to obtain reasonable assurance about whether the Statement of Project Sources and Uses of Funds as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion TReasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists, Misstatements can arise from fraud or error and are considered material misstatement if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements- We communicate with project management regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. GENER AL DIRECTOR OYUNAA. U DATE 20 I1 L7ZFzT1 'SMAI? Govern ment Pr-oje ct1 finnnciäl Sttemets for the yeair eided Dekmber3l, 2018 CredMig No: 54834MN The Gove m me nt of Mo ngol ia The International Developnient Association Cre dit X25483-M N SMART Govemment Poject STATEMENT OF PROJECIT SOURCES AND USES OF FUJNDS Period from December 31, 2017 to December31, 2018 (in USD) Cumulative to Cunmuative to For 2018 Dec 31, 2018 Dec 31, 2017 SOURCES IDA Fwnmds 3,954,037.33 594,624.27 3,359,413.06 Other sources 79,812.91 21,568.35 58,244.56 TOTAL SO1, 1RSES OF FSN D6S 4,033,850.24 616,1922 3,417,657.62 USES OF FUNDS: 3,039,328.44 488,549.33 2,550,779.11 Goods 1,026,153.13 162,118.61 864,034.52 Non consultant services 371,754,55 - 371,754.55 Consuhant sorvices 1,078,634.38 208,276.28 870,358-10 Trai9ng and Workslops 530,874.42 106,211.52 424,662,90 Operating costs 31,911.96 11,942.92 19,969.04 TOTAL USFS OF FUONSS 3,039,3284 488,549.33 2,550,779.11 Surplus of receipts overexpenditure: 994,521.80 127,643.29 866,878.51 Cash onlhand -- Cash at bank OpeiaidÉig accoLll 8,787.22 (6,120.21) 14,90/.43 Desigiedaccount 985.734-8 133,763,50 851,971.08 Balauce of cash and cash equivalens 994ß21.0 - 1274329 86,6,878,51 Prepared by: Approved by P Oyun-rdene. Yo Nurgul.Ch Financial manageiin-ent speciaist Project Coordinator "OD BI]RTGEL AUDi LLC yi71 C OD URTGEL-AUDIT AUDITING, VARRANT, ACCOUNTING, CONSULTING INDEPENDENT AUIJDITOR'S REPORT TO: N URGIL.CH, PII1 COORDINATOR OF SMART GOVERNMENT PROJECT Opinion We have audited the accompanying Statement of Expenditures (SOEs) of SMART Government project funded by International Development Association (Credit No: 5483-MN) and Government of Mongolia for the year ended December 31, 2018, In our opinion, the Statement of Expenditures of SMART Government project as at December 31, 2018, has been accurately and objectively disclosed in accordance with the requirements of the Financing Agreements (IDA Credit 5483-MN), the Project implementation manual and other relevant guidelines and procedures. Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the A uditor s Responsibilities ir Ihe Audit of the Projec Statements section of our report. We. are independent of the Project in accordance with the International Ethics Standards Board for Accountant's Code of Ethics for financial Professional Accountants (IESBA Code) together with the ethical- requirements that are relevant to our audit of the statements in Mongolia, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Responsibilities of Management for the Financial Statements The project management is responsible for the preparation and fair presentation of the Statement of Expenditures in accordance with the requirements of the IDA Financing Agreement, the Project implementation manual and other relevant instructions and procedures and for such internal control [r. as management determines is necessary to enable the preparation of financial staiements that are free from material misstatement, whether due to fraud or error. Auditor's Responsibilities for the Audit of the Project Statements Our objectives are to obtain reasonable assurance about whether the Statement of Expenditures as a whole are free from material misstatenment, whether due to fraud or error, and to issue an auditor's report that includes our opinion- Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material nissalement when it exists. Misstatements can arise from fraud or error and are considered material misstatement if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements- We cormunicate with project management regarding, among other matters, the planned scope and timing of Ihe audit and sigmficant audit findings, including any significant deficiencies in internal Control that we ideti fy durInIg our audiL GENERAI DIRECTOR OYUNAA. U DATF 1it?I)I. "SMA RTÅZ Gvem-mirygeit projeC? Fiiiancial Satem iiis for tihe ear ended December 31, 2018 Credit No; 5483-MN The Go vrnwmni oF M ongolia The l ItermI IuEmi Dtevelopment An( ociiuon Crc dit .i2483-M N SäMART Govennent Projecd STATEMENT OF EXPENDITURES (IDA WithdrawaIs) 2018/1/1 - 2018/12/31 (in USD) NombepsMtd Credited date Amountclaimed mtDierence Numbem type date credte d Up to Deceiner 31, 2017 (WA 01-10) 3,556,204.11 3,359,413.06 196,791.05 WA-l 11 Rep arshmnrd 2018/3/1 2018/4/5 260,555.90 260,555.90 - WA-12 Replenisniert 2018/90 201R9/27 223,139,43 223,13943 WA-13 Replenishment 201?[Ill5 201811/28 110928,94 110,928,94 For iw reporing period 2018 (WA 11-13) 594,624.27 594,624.27 Up to De ce mber 31, 2018 (WA 0113) 4,15 082S.38 3,954,037.33 196,791.05 1.The e>penditure of USD 191,366.05 expnsed ä 2017, was claimed amd credided through WA -11 in 2018. hi WA- 1 expenses incurfed between 2018/1/1 and 2018/3/1 armi-ing USD 69,189.85 was inckded. Prepared by: - Approved by. OyCIrdene Yo N h Financial imnagemit specialist Project Coordinatoi "On BURTGEL. A UDIT" LUC 〕〕！！〔！!！一以 ！黔一刁 OD B URTGEL-AUDIT AUDUING, WARRANT, ACCOUNTING, CONSULTING INDEPENDENT AUDITOR'S RhPOKI' TO. NURGtIL.C14, PIU COORDINATOR OF S1%1ART GOVERNMENT PROJECT Opinion We h ave a od ited the accompanyin g Des Ignated Account Statement of SMART Government project funded by Interrimional Development Association (Credit No: 5483-NW) and Government of Mongolia For the, year ended Decembcr'31,2018- In our opinion, the Designated Account Statement of SNLARTGovernment project as at Dec cmbel- 3 1, 2018, has betri accurately and objectively disclosed in accordance with the re uirernents of the. Financing Agreements IDA Credit 5483-MN), the Project implementation Manual and other r d evant gul del 1 nes ail d procedu rc.q. Basis for Opinion Ve couducted our audit in accordanoc with International Standards on AuditiTig (ISAS). Our responsibilities under those standards are further described in t . he A udilors Re.spon.57ibdil i_ :for the 4udit of the Project ialetnents section of our report. We are independent of the Project in accordance with the International Ethics Standards Board for AQcountarlt's Code of F.tbics for PrUessional Accountants (IESBA Code) together with the ethical reqw rem ents that are relevant to. our audit of the financial statements in Mongolia, and we have fulfilled our other- ethical responsibilities in accordance with these requiremcnis and the IFSBA Co de. We believe that the audit evidence we. have obtained is sufficient and appropriate to provide a basis for our opinion- Responsibilities of Management for the Financial Statemcnts 'file prqject management is rcsponsiblc ior the preparatian a-ad fair presentation of the Designated Account Statement in accordance with the requirements of the IDA Flriancmg Ageernent, the Project implementation manual and other relevant instruction.,.; and procedures and for Such internal Oil P 7 7 . tl a control as management dctermines is necessary to enable the preparation of financial statements that are firee from material misstaternent, whether die to fraud or error, Auditor's Responsibilities for the Audit of the Project Statements Our objectives are to obtain reasonable assurance about whether the Designated Account Statement as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exi sts. Misstatements can arise from fraud or error and are considered material misstatement if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. We communicate with project management regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. GENERAL DIRECTOR - OYINAA. U I.DATE:-' 0 3 i- [iiiitSitiWiLf;.,r tl&- ýLU- E DL L$&cintbcr 31, 201 -Scifit No; S4SY-NIN The Govemment of Mongolri Thie Intenational DeAvelopnent Association Credit Je5483-MN Smart Government Project DE-SIGNATI) A CCOUNT STATE1ENT For the period ended December31, 2018 (in USD) Itenu At )ec 31, 2018 At De 31, 2017 Part A- Account transctions9 BeginiRg baTaice 866,878.51 810,813.17 Add: Total amont deposited by Ohe IDA for the year 594624,27 1,81 3,415,56 Tol iteret eanled 21.815.69 27,089.26 Gn ni (oss) en forcign currmy exchange (247.35) 258.88 Total 616,192.61 1,840,763,70 Total amoun withdrawn 489,549 33 1,784,698 36 Endlng balance 994,52L79 866,78.51 Part B - Acco unt reconcilia tion Amount advanced by the IDA 1 00,000.00 1>,000,000.00 Balance of the Designated account at the end of the year 994,521.79 866,878.51 Add, Amoursithdnaw and not yet clarned 85;291.12 191,366.05 Deduct: ' Net interest camed 84,487.03 62,671.34 Gain (loss) on fbreign currency exchange (4,674. 12) (4,426.78) Total 79,1291 58,244.56 Total a dvance to Designated account 060,000 0L000,000.00 1 Pre dby: Approved by: Oyun-lErdene.YoNut.C Financeil marngemcnl spcciabst Prject Coordinator "D. 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З Г{ � ~` У' � � '� �* � � е I � о о Т � :J � г " � �� � �G�1 �� . , �� � I � = L � � � � R � � } � � � � � � �а .' ь'� � � " ;, ' - 1 ,--� � �- � � R �С' � Е° р� Э� . h ' �а L L ., � . � � , � . �� �. р� � у, р �, ,� ' , ° ' ,� ' . ; � . м гч ! уΡв _ q� � � � � � � � "}" +3 Е9 �.�,' t`` �' b `� �, L 1г�С. 'F 'Ф ад - ��ЯЯ '° ч5 и ни � е � г +t и �' � ; .� 'Л � � ц � м . �� �� � �� � � _ � � � � � � � � т' � ' � ' � , � � � I 1 z .� �" `" 8 ! � � � � .. � � .. ��� н а �� �� , �. � � 1 . � ' � � _ ^ � и i� F . � � �: . � L � . 8 ` . � � � . � . _ �� . мп', д � � � � . � �Г � .. � � �д $$ д� Р х� � G � � $ а, .4Э {h � ФG F�д � Э � � � � f��.� а � � н, r� , , .., . � � - � , �; �. s, т � � � _ _ _Е � �, .. . . . . Са ц L1, i � ` .� � �1 � j � �ь � � - � � � � i � s � � � � � � � � х.. � �ч �t т .... �1 С: ь. .� '�' `д ° �' F° &. Ё w _ � +�+ s� �., t а у � с 1 � � ,� � Е �.,. �. �л. м... ,�'°, � � � .... 4G q ц^,д SI, +W � �д С 4 � � iл б � � W' � rfJ � � �' � . �, g е ~ .. � � '� .� �{г � iй � � � С � � .� 5 �: �т .� 1 �' '� � � i ,,У �. .� � � � л � ° ' pG �г' ,� ЕСΡ е G I � � f���+ .. � � � � � � - � � � Е � а � Э 6 ! � � г L , ��-" м � �j � � � �:ьы�. �,J�° �� С� 6г у F �:� I- � г Е r.� 7 rM _ � р , r � _ }� ,-.ь � `1 � С �/� м �,. S' � � k �° � , ~ С L - I- I ^ ��. � � � � � -- � ., - - � � � i � � �. .м м -r �п ,,,, -�. . J у � , у . <; � ❑ �л � r � лг . r.�i -, : I ., г г .г r� ' ' {"° r� ra ", w � ` � � ..� _ . . гг гл �� г1 . г� _. а �А м �'М ,».�.. Ф 1 � . .._ .. _.__�.� е.®_.�_®»,�'�. 1 . � ! � �'I, . . .._ . .. � !� 〕仰 】 。斤兀一斗弄一中 ，丫～仕讓－一驟眾一、 "SMART f;overmneot llrt jorC Fiv 111-ial srafi nt nTs for (lie ycar ended Dfcenil icr 3 T, 71 ii 8 Cut I't :Y c -. 54 3-.NTN NOILSTOTHL FINANCIALSFATEIMENTS 1. Project background On. June 19, 2015, the International Development Association and the Covernment of Mongolia (represmed by the Mini.sl y of Finance) signed flic Financing Agreement Credit No-5483-NIN to assist in financing SMART Govcmmeni Project, The Credit Amountcd to SDR 12,600,000 (equivalent to approved amount of US$191,400,000) and iht financing agreementwas dc-clared as effective on September 17, 2015. The closing date of the project is December 31, 2020 ']'he development ob-ective ofthe pT-Ql . ect is to use information and communication technologies to improve accessibiTity, transparency and efficiency of public services in Mongolia. The PrOdect consists of the following parts- Corn po nent 1. E a h a n cc Civi c E n ga gem ent a n d Ci fizen Feed back M ee Im n is ilis Exp4m5iori and improvement of the, Aecipients citizcri call centers in order 40 enable citiztms to, collaborate with govei-ninent in poticy and scrvicc design and to make public sector data 1110fe widely available to the public including: fa) integration of the Recipient's central call center with. the call center system of' Ulaanbuatar city to increase efficiency and rcduci cltfz -n confusion; and (b) development of a business analy-tics prograrn aimed at improving and optimizing poliev and program decisions and implementation, Co rn po nen t 2. F n a bl ing Fo u nda tion s for S M A RT Gov ern m en t Esta bl ish ment o f sha red open dat a I n fT-ast ruct ure a nd smices th at can. be used by al I agencies and offices to the Recipient to improve sci-vice del ivety including.. (a) design, development, deployment and use of the national enterprise architecture and i nteropcmbility as a business process reengificering too], and the technical basis for.the Recipient to link iri&peTidently developed processes and infbrmation systems to enhance its abi I ity to u se ICT to o ffer searn] ess oul ine servi ces to c I ti zen s and busi ne sses, (b) upgrading of the National Data Center and transitioning it into a national data exchange and cloud comptiting 1 nfrastruct Lite; (c) establiftient of an innovation support program and pTo%.Ision of innovation grants to finance citizen created simple open data and mobile applications in support of specific government objectives in priority sectors, as a inechanism to quickly identjf l tc t, and deploy such apphutions. (d) scaling up ofthe digitization. of property registration including expansion of the c-property registration system currently being implemented in the 5 districts of U,Iaanbaatar and 8 other Airriags, to the remaining Aimags; and (e) provis ion of technical assistance to the Cabintt Secretarial and ITPTA to enhance their capacay to deliver on Mongolia's SMART Govemment Prograin. 40D BURTGEL AUD 'I", LIX "SMART Governmeol Projec" Financial Stitenieus foi the year ernded Decimber 31, 218 Credit No: 5-'3-MN Component3. Unabling open data (a) Design and implementation of an open data initiative in order to create a dynamic. sustainable system. incIuding. . carying out an open data readiness assessment in order to identify the high-impact entry points for initial investments in open data, both on the supply and demand sides, and development of a targeted, client-specific open data action plan; ji. carrying out a review of the policy, legal and institutional framework fo[ open data, in order to (A) ensure that it serves the needs of the Recipient and its citizens; and (B) strengthen the institutional structures critical for the management and coordination of open data; iii. supply of data sets in priority initiatives of the government; and iv. promotion of demand-driven reuse and co-creation of open data including active engagement with data suppliers and users, provision of training to government officials, citizens and businesses and carrying out a campaign of awareness-raising. (b) Enharicing the data production capabilities of the National statistics Office, including development or redesign of its data production infrastructure to improve internal data management and comply with standards and requirements of the national enterprise architecture. Component 4. Project Implementation Support Support to project implementation, including establishment of a project implementation unit. The following organizations will be required to implement the project as described in the implemenattion guide- 1. Cabinet office of the Government of Mongolia / project component Va, 1b, 2.a, 2-c and 3-ai I National Statistical Office / project component 2d and 3.b / 3. Communications and Technology Authority / project component 2.b! 4. General Authority for Intellectual. Property and State Registration / project component 2,d and 3-b The amount of the IDA Creidit re-allocated has been compared with the actual disbursements as of December 31, 2018. Aamunt of the ir- Acual disinrnermnt (exps sed ) p nge InSD In SDR Goods, Consultant scrvicm I Tran.ig awd iweekups and 12,200,000. 00 U1U% 3,039,32844 2,186,661,61 Ippatng costs 2 Fuid oftnnvalkon 400,000.00 00% of Expeted Total 12W00,00010 100% 3.039328.44 2,1!i61.61 *Actrual disbursemwnt in TUS) as ofj'December 31, 2018 has been translated to SDR using the spot rate qf IDJR-1,38994 US) where stad at https. dimiconnecnorldbankrg "OD BURTGEL A] IDIT" LLC t*IA Ji "SMART Goveri-nmeit Proj ect" Financal st.ten IcWs for the year Eided Decemb,r3 i 2018 CredIt No: 5483-MN In the framework of the Financing Agreement for SMART Govemment Project, The Project mfrplementation Unit (P1U) has been established to conduct the overall coordination and management of project ilplenentalion. The Project Coordinator will lend the PSC, staffed with the following consultants: financial marnagement specialist, procurement imple menitation specialist, translators, a communications specialist and monitoring and evaluation specialist. Al] staffs are qualified and experienced The Project Steering Committee was established by the order Xal80 in 2015 of the Cabinet Secretariat. The Project Steenng Committee, led by the Secretariat, consists of the Following members: * Chainman of the National Statistical Office; * Head of Information Technology Department, Cabinet Secretariat; *Head of Finance, Investment and Services Department, Cabinet Secretariat; * Head of Communications and Information Technology Authority; - Head of Development Finance Department, Ministry of Finance; and * Head of Administration Department, General Authority for Intellectual Property and State Registration. The Project Steering Committee will need to provide policy guidance and to ensure inter-sectoral coordination and efficient project activities, mid-term plans for the project, detailed plans for the particular year, procurement and financial plans based on them, the implementation of the plan and its monitoring reports on a semi-auiual basis, to review the project's annual progress report on the first quarter of the next year, and to ensure that the project implementing agencies and PSC's have the-authority to monitor their implementation. 2. Summary of significant accounting policies a) Statement of compliance The Financial Statements comprise the Balance Sheet, the Statement of Project Sources and Uses of Funds, the Statement of Expenditures, Designated Account Statement and the'Disbursement Report. These reports have been prepared as agreed with the World Bank. b) Basis of preparation The Financial Statements are prepared in accordance with the International Public Sector Accounting Standards (IPSASs) issued by the International Federation of Accountants. Cash basis of accounting has been adopted. On this basis, receipts are recognized when received or direct payment to creditors are made rather than when income is earned and disbursements are recognized when paid rather than when expenses are incurred. The Project has own Project Implementation Manual which has been accepted by the World Bank and its financial management system is being operated consistently in accordance with this financial management manual. The Project utilizes financial software named "Info Systems", which is designed for accounting of project activities. "OD B URTGEL A UDITT" LLC SNA ov v Go fiernmentr Proect ' Finanictal SLemenu]' fr the year endQd D(cember31 2018 Cndi ; 5483-AN c) Basis of measurement The Financial Statements are presented in US Dollars ("IJSD"). Expenditure transactions denominated in currencies other than USD are translated at the rates of the commercial bank at the date of respective fund transaction made from Designated Account to Operating Accounts. Any gains and losses arose from the foreign currency translation are reflected in the Statement of Sources and Uses of Funds. d) Basis of presentation The account balances in the Financial Statements as of December 31, 2018 have been compared with such balances as of December 31, 2017. c) Designated account In accordance with the Disbursement Letter dated June 18. 2015, the project opened the Designated Account (DA) which is one segregated account for the credit financing acceptable to the World Bank. The ceiling of the designated account is USD 1,000,000 (one million USD). Account number of the DA is 106000035388 and it is maintained in USD at the State Bank, The payments for the eligible expenditures of procuring goods and international consultant serices are paid from the Designated Account. f) Operating account As specified in the Disbursement Letter, the project opened the Operating Account (OA) which is one segregated account for the credit financing acceptable to the World Bank- The ceiling of the designated account is USD 30,000 (thirty thousand U.SD). Account number of the OA is 106000035391 and it is maintained in MNT at the State Bank- The payments for the expenditures of training, incremental operating costs -and local consultant services have been paid from the Operating account. The Minister of Finance has enacted the,decision 1357 on December 11, 2017, which defines all- the designated and operating accounts maintained in MINT of the Government projects and activities financed by foreign credits and grants shall be transferred to State Treasury Accounts operated by Ministry of Finance In accordance with the decision #357 of the Minister of Finance, the Project had transferred its Operating Accounts into State Treasury Accounts- The MNT Operating account No 106000035391 at the State Bank was closed on the January 2019- The approved operating expenses have been paid from the State Treasury Account. 3. Disbursement progress a) Disbursement of IDA Credit 5483-MN As of December 31, 2018, the project had received $3,954,03733 (20.38% of the total credit) through the DA as financing from IDA Credit 5483-MN and had disbursed $3,039,328.44 (15-67% of the total credit)- "OD BURTCFL AUDIT" LLC FF79 tS MART GovernmenIt Projecl' Füiapicial Statemeafts for tihe vir ended Dece her 31, 2018 Credit No: 5483-MN 4. Items in tie balance sheet 4,a. Cash and cash equivalents Sumniary of transaction statements of Operating Bank Accounts and Petty Cash Accounts as at December 3 i are indicated as follows: . Operating Bank Accoint of IDA Credit 5483-MN (in USD) Items At Dec 31, 2018 At Dec 31, 2017 Beginning balance 14,907.43 2,429.29 Add: Received from IDA Desgned accoun for dhe perd 89,300.35 123,664.23 Total inlerest eamed - 360.05 Gao n foregn ctecy exchange 36.4 3 277.12 Net tender inaterial sae revenu- Total 89,336.78 124,301.40 Deduct: Cumulative project expenditures: Goods Consuliant servi es 83,434.16 100,794.47 I ram-, and Workshops Operatirn costs 10,793.45 9,634.13 Total 94,227.61 1 10,428.60 Advane to petty cash 938.44 1,394,66 Loss on foren currency exchange . 290.94 - . Total anount withdrawn . . 95,456.99 111,823.26 Ending balance 8,787.22 14,907.43 "OD BU RTGEL AUDIT" ILC 7 - - - '5MI A RI TGovernmni Pr'oje-cC Fi;cidl SflLniefs for the y a ended Dceiker 31. 2018 ( å-i No: 5483- N 4.a.2. Petty (tsh Accoint of IDA ('redit 5483-M N (in USD) itemDs At Dec 31, 2018 At Dec 31, 2017 Begmiting balance - 1.60 dd: Received fSom IDA Operating account for tfie period 938,44 1,394.66 Cain (loss) on fore-gn curTency exciange 7,01 (3.93) Net teider imateial sale revenue - Total 945.45 1,390.73 Deduct: Cumulative pmject expenditures: Goods Consuftant series Traing and Workshops Operating costs 945.45 L,392.33 Total amount wflidrawn 945.45 1,39233 Ening balance 4.b. Other sources Other sources comprises of interest income earned on bank account balance and gain (loss) on foreign currency exchange difference (in USD) IteMs At Dec 31, 2018 At Dec 31, 2017 Interest icomve 84,487-03 62 71.34 Gain (kss) on foregi (4,674-12) (4426.7) currency exchange Total 79,812.91 58,244.56 1 "O)D BUJRTGEL A1JDIT" 1LLC - "SMAR GoverneiT ProjecC Financial Si eFenS for the year ceided December 31 2015 Credit No: 5.183-MN 5. Events after reporting period Below expenditures of USD 85.291.12 Itd not been claimed to the World Bank by the year ended December 31, 2018. However it was claimed to the World Bank in March 2019 and replenished in ApriL 2019 as follow: Categor Amount in USD Goods Non consuliit Consultant services 35,324-97 Training and Workshops 47,493,98 Operating costs 2,472.17 HIATr Ay1. 85,291.12 6. Procurement contracts For the reporting period the Project had concluded two contracts using international open tender, price comparison, single source option and based on the experCs ability selection methods. The contracts were related to procure consultants' services and goods procurement contract has not made during the reporting period- We have audited two (100%) consultants' services procurement contracts- These procurements were conducted in accordance with (he Procurement Guidelines issued by the World Bank, 7. Other matters Within our audit engagement, we have requested the project to provide us Legal Representation Letter to assess whether there is any unforeseen obligation, entilenent, and litigation associated with the project Based on the response to Legal Representation Letter, any unforeseen obligation, entitlement, and litigation associated with the project activity and project implementation unit has been deternined- "0D BURTGEL AUDY17f LLC