fo Re7arting on Economy, Efficiency 9 Effectiveness in the usE of Public Resources AIN: 16149 FINANCIAL AUDIT REPORT OF THE WORLD BANK FUNDED PROJECT-STRENGTHENING PUBLIC FINANCIAL MANAGEMENT (PFM-MDF), IMPLEMENTED BY DEPARTMENT OF PUBLIC ACCOUNTS, MINISTRY OF FINANCE PERIOD: 01/07/2018 TO 30/06/2019 SEPTEMBER 2019 "Every individual must stre to be principldAnIuinfivduafs in positions of responsi6ifity must even strive fiarder." Ms !Majesty th K(ing Jme gfiesargramgyerVangclck P.O. Box: 191 Kawangjangsa I Thimphu I Bhutan Tel: +975-2-322111/328729/328730/3249611 Fax: +975-2-323491 Website: www.bhutanaudit.gov.bt I Email: info@bhutanaudit.aov.bt and tkezang@bhutanaudit.gov.bt 鲡丫～。毓、一‘一。氯～～浏阶～耐‘～一昭一～～必振～～袄渊、裕～啼～～和公琢～一功～~J~~～脚、一～~~～、～献澎一～、一二二～。～～一湘 ROYAL AUDIT AUTHORITY 0hutan Integrity5l[buse Reporting on Economy, Eff idenGy 5 EffBctlvapess ifl the uso of Public ResourcBs RAA/AP/GGD/DPA(PFM-01)/2019/ Dated: e Director XDepartment of Macroeconomics Affairs Ministry of Finance Thimphu Subject: Financial Audit Report of World Bank funded Project - "PMF-MDF grant for Strengthening Public Financial Management DPA", MoF, Thimphu for the period 01 July 2018 to 30 June 2019 Sir, Enclosed herewith, please find three sets of audited financial statements and auditors' report thereon in respect of the World Bank Project "PMF-MDF grant for Strengthening Public Financial Management " implemented by the Department of Public Accounts, Ministry of Finance, Thimphu. for the financial year ended 30 June 2019 along with Audit Findings & Recommendations. The audit was conducted as required under the Audit Act of Bhutan 2018, and in accordance with International Standards of Supreme Audit Institutions (ISSAIS). Two sets of the audited Financial Statements and Auditors' Report may please be forwarded to World Bank Country Office, Thimphu. u or s,,, epor t As may be noted from the auditors' report, the financial statements are prepared by the project, in all material respects, in accordance with Standard Conditions of the Project Agreement. Accordingly, the RAA has expressed unmodified (unqualified) opinion on the financial statements. Audit"Finiding's',"A' fidlkecolfi` mi e'DdAtion"s The auditors' review of the accounting records, internal controls and operations of the project revealed some deficiencies and lapses. However, one audit findings issued was settled in view of recoveries made, justifications provided, related documents and evidences ftirnished subsequently which are transmitted separately to the Project in the form of Management Appraisal Report for future reference and compliance. "Every indMduaf iinist strive to 6e ptiizcip[edAiidindvidua(s in positions of responsihifity unist emn stlive flarder" - Mis Wajesty tfie Vizg Ji ute!Kfiesar Xalngyef Waychuck P.O. Box: 191 1 Kawangjangsa I Thimphu I Bhutan I Tel: A-975-2-'a221111328729/328730/324961 I Fax., +975-2-323491 Website: www.bhutanqgditZov.bt I Email: info0qbhutanaudiLgov.bt and tkezan12,kbhutanaudit.gov.bt Achievements The RAA has noted achievements made by the project during the period under audit, which are detailed in Annexure B of this report. The Royal Audit Authority acknowledges the kind co-operation and assistance extended to the audit team by the officials of the project, which facilitated the completion of the audit. Yours ncerely, (Dechen P Iden) Asstt. Auditor General GG Copy to: 1. The Director, Department of Public Accounts, Ministry of Finance, Thimphu 2. The Project Manager, PFM-MDF, DPA, MoF, Thimphu 3. The AAG, PPAARD, Royal Audit Authority, Thimphu 4. The AAG, Follow-Up & Clearance Division, Royal Audit Authority, Thimphu 5. Office copy Financial Audit Report of PMF-MDF grant for Strengthening Public 1. Title Financial Management, Implemented by the Department of Public Accounts, MoF, Thimphu 2, AIN 16149 Head of the 3. : Sonam Tobgyel, Chief Finance Officer EID No. 9407084 1. Tshering Dorji, Chief Finance officer EID No. 9711016 Drawing and From: 1 September 2017 to till date 4. Disbursing Officer 2. Ugyen Tshewang, Deputy Chief Finance Officer EID No. 9410057 From: 10 September 2018 to till date Sonam Mendrel Wangmo, Accounts Assistant 5. Finance Personnel : EID No. 201007047 From: 1 September 2017 to till date 6. Period Audited : 01/07/2018to 30/06/2019 Planning: 02/08/2019 to 05/08/2019 7. Schedule of Audit : Conducting: 06/08/2019 to 16/08/2019 Reporting: 08/10/2019 Team Leader: Tashi Phuntsho, Sr. Auditor-II EID No. 9509034 Composition of Team Members: Teams 1. Karma Thinley, Sr. Auditor-IlI EID No. 200907230 2. Phub Dem, AAO-1 EID No. 20170709527 9. Supervising Dechen Pelden, Asstt. Auditor General Officer EID No. 9811009 Overall Chimi Dorji, Dy. Auditor General 10. Supervising BiD:o OfficerEID No. 9610060 Officer 11. Engagement . RAA/GGD/DPA(PMF-01)/2019/1870 dated 02.08.2019 Letter No Karma Thinley 12. Focal Person : Date of Exit 13. Meeting : 14/08/2019 Glossary of Abbreviations & Acronyms AAG Assistant Auditor General AR Audit Report ATR Action Taken Report DPA Department of Public Accounts EID Employee Identity Card FUCD Follow -Up and Clearance Division GGD General Governance Division PLC Project Letter of Credit IUFR Interim Unaudited Financial Report MDF Multi Donor Funded MoF Ministry of Finance PFM Public Financial Management PP&AARD Policy, Planning and Annual Audit Report Division RAA Royal Audit Authority RGOB Royal Government of Bhutan r yfL i T1 T i 1i iF .1'i AUDITORS' REPORT ON FINANCIAL STATEMENTS OF THE WORLD BANK FUNDED - PROJECT "PFM-MDF GRANT FOR STRENGTHENING PUBLIC FINANCIAL MANAGEMENT" DEPARTMENT OF PUBLIC ACCOUNTS, THIMPHU FOR THE YEAR ENDED 30 JUNE 2019......................................................................................................................................07 ENCLOSURES: 1. Statement of uses offunds & Projection by project activities 2. Advance Accounts Reconciliation Statement & Cash Projection 3. Receipt & Payment Statement 4. Expenditure Statement 5. Statement ofFund Status from DPA 7. Expenditure Statement 8. Bank Statement 9. Reconciliation of claims to total application offunds 10. Management Assertion Letter 11. Significant Accounting Policies and Explanatory Notes ANNEXURES: ANNEXURE - A: PROFILE ANNEXURE - B: ACHIEVEMENTS ыxiыен:н 4�-...м.� Ъ.,��,.м..._,.г '¢л.ч......м.п Ь�=.-н-.ч.+ 4т;.ч-�.�ыи ьиж..�....+ т -.Ч i�ц с:::ь.г+t �и`г:а'а�'ц� �г-ы �ы�..ч. ы !-,...._w__.<ы с..т.ви..-wц ..иs....ч.��.t w....т..�..и� w���,..•ььь v.е...ьдмг,и ..,,�,....._...w и>,ш�.�,� ,-,._..,., AUDITORS' REPORT ON THE FINANCIAL ID Vý ��� � ��, �.�и ���� . � . �,..�.,� �,....�..�,. ,.�„�,а ��� �,.. �..,� �до а�,..,.. �. т:�.�.� �...,.�.,� � � �:� �.�� ¢_.�,� ���� ,��. �� ��,� . .� . .....,...,�, , _,.. ROYAL AUDIT AUTHORITY Bhutan Intepity Yfouse Reportinq on Economy, Efficiency 9 Effectiveness in the use of Public Resources 71-< AUDITORS' REA PORT ON FINANCIAL STATEMENTS OF THE WORLD BANK FUNDED - PROJE CT 11PFM-MDF GRANT FOR STRE NGTHENING PUBLIC FINANCIAL MANAGEMENT" DEPARTMENT OF PUBLIC ACCOUNTS, THIMPHU FOR THE FINANCIAL YEAR ENDED 30 -JUNE 2019 Opinion We have audited the accompanying financial statements of project (PLC Account No. 202.01/2011) which comprise the Summary of Sources and Uses of Rinds, Sumi-nary of expenditures by project activities, Statement of Expenditure (SoE)/ including summary of significant accounting policies for the financial year ended 30 June 2019. In our opinion, the financial statements are prepared, in all material respects, in accordance with Standard Conditions of the Grant Agreement. Basis for Opinion We conducted our audit in accordance with International Standards of Supreme Audit Institutions (ISSAIs). Our responsibilities under those standards are further described in the Auditor's Responsibilitiesfor theAudit offinancial Statement section of our report. We are independent of Project "PFM-MDF grant for Strengthening Public Financial Management" DPA, MoF, Thimphu, in accordance with RAA's Oath of Good Conduct, Ethics and Secrecy of Auditors, and we have fulfilled our responsibilities in accordance with the requirements outlined in this Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Emphasis of Matter - Basis of Accounting We draw attention to Note I to the special purpose project financial statements, which describes the basis of accounting. The special purpose project financial statements are prepared to assist the project's management to comply with the financial reporting provisions of the Project Agreement, which requires the special purpose project financial statements to comply with the Standard Conditions of the Grant Agreement. As a result, the special pui-pose project financial statements may not be suitable for another pui-pose. Our opinion is not modified in respect of this matter, Responsibilities of Management and Those Charged with Governance for the Financial Statements Management is responsible for preparation of the financial statements in accordance with the in accordance with Standard Conditions of the Grant Agreemel t and for such internal 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. 'Every iiidividualmitst stdve to 5.pi*idp(edA,,dhidividuars i1tpositiolls of respoitsi6ility mist evot stdve fiarder' -Vis,,vaiesty tfie Viigxgme 0esarXawgye(TVangchwk P.O. Box: 191 1 Kawangjangsa i Thimphu I Bhutan I Tel. A-975-2-322111/3287291 Fax: +975-2-323491 Website: www.bhutanaudit.gov.b I Email: Jnfo@bhutinaudit.gov.bt L tkezang Pbhutanaudit.gov.bt Those charged with governance are responsible for overseeing the Project's financial reporting process. 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 is 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 ISSAls will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material 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 audit in accordance with ISSAIs, we exercise professional judgement and maintain professional skepticism throughout the audit. We also: * 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 error, as fraud may involve collusion, forgery, intentional omission, misrepresentations, or the override of internal control. * Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the project's internal control. We communicate with the management, among others, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during the audit. Other Requirements We report that: * The flow of funds from the Foreign Currency Account and balance thereon could be fairly relied upon. The control mechanism put in place for the operation of the account could also be fairly relied upon; * The funds provided under Grant No.: TF0A5549-BT have been utilized for the purpose for which they were provided; * All expenditures incurred and reported are eligible for financing under the Grant Agreements; * With respect to Statement of Expenditures (SoEs), adequate supporting documents has been maintained to support claims to the World Bank for reimbursements of expenditures incurred; and * The FOREX conversation rate for fund transfer is recognized based on exchange rate prevailing on the date of transfer of fund to Department of Public Accounts (DPA) from the Designated Account maintained with Royal Monetary Authority (RMA) of Bhutan. * The Direct Payment made by the World Bank in Foreign Currency has been converted to local currency at the exchange rate prevalent on the date of transaction. * The overall reconciled fund balance of the Project as at 30 June 2019 stand at Nu.35,374,203.22 which is represented Nu.14,330,261.52 with the RMA and Nu.21,043,941.70 with DPA. (Dechen Pe den) Assistant Auditor General Date: 02/09/2019 RAA ,,--- s-.-~...--- L.m..-- w-.-- a-- 4.----a sama u-- 4--~~ '»es----- ur-+- -~~~e u--*-a --------- '------*··4' ENDmCLOSURES -,.�,�.,. 1.,....d,--.=, �...-... -.-..а ч�.....,.�,�.w ,,._.�:.,,�, �:.,,...е.�, �..а...., й,.,��.:,�s н::<,,........� г.,�.�,о,, а ч��.,«,-,w w-..,..,_...е и.. .�„�,..., ..,,,,�,.,...�ы ,.�._,...,..,�.� W,.._..�.�.� х..-<.,.��,..;.= ,и,,,.�а,�,,,г "..�.....�.,.� ,......_<._.., .....___�.. 〕 Intel Ini Unaudhed Finincial Report MENISTRY0F FINANCE P FNI-NIDFFINAN(T D STRUNTIl EN ING PUBLIC FINANCIA L MANAGFNIEN'r Pl«),I ECT World Bank Grant no. TFØ;ý5ý4ý- ---- --- S(I"t- ent øf Uýcs of Funds & Proje-ctionsby-P-rujed selllesterýjzIn to June 2fil9) Fiscal Ycar 2018-19 in i StmuRificnin.g.PFkl Legal and Institution21 Frzintework 4,382,547,39 2,489,"0.00 6,407,535.18 3,896,59s.18 13,279,143.07 19,051.200,00 14.409,120.00 4,943.040.GO 38.403,360.OG Setmig fl)ý lepl and opcranønal envkroninent and developim,,I roadinap fbf 4,382,547 89 2,489,060 00 4.635,329.18 7,124,399 18 11,506,9_ý7 07T 16,2 5 1,200 00 12,063.12,t) 01) 4,84 3,0-10 Oý) 3,15 7, 3 W 0 0 th2 GSI Jwroducuen b Impiovmg Budgeý documenmimn, asialvsis and cla"ffication flirougli 1,772,206 00 1,772,206 00 1,772,206 00 2,800,000 00 2.344,000 Oýý i 0M00 00 52-lý,P00 00 effimme4 ýýcu3 on g ler and rlnnatc chinge 2 Strengthening Budget Lxceutiou and Oversiýýbt Capacities 7,376,506,59 ::::=3,846,879.-,7 21,940,548.22 787.427.79 3,163,934.38 31,732,74Z.72 26.963,066.96 6,930.052,67 65,h25,862.35 2`21,0,2 42 1,541,1iý6.77, ý1,019,31&.3sý 521,Uso-ýq: 2,-, 2: ý'z2s.ø04).00, 9,524,228.29 I Dý I 1j-ll and Implemenia«on ofElectronie Covernmen( Procurcinent ýcGP) 2,200,242,52 1,511,166 77 (1,019,316.38) 521.85039 2,ý22,092 91 3,31>9.228 29 3,399,228.29 ý1 Procuremen1 pnhcY revicw and capacu-y devýJopinent - 2,150M0 CO 2,450M0 00 1 2z5.000 00 6,125,000.00 Im,Pr4v1t9 Ac counting and 2. 42 ý,89,4$9ý.67 767,117ý42 24,723,724.51 PFM pro-esses and mfbrrnation svsiejlis and tbekr integration 9,612,920 72 11,910,609 52 14,392,540 52 6,5 0_,10 00 13,500,00.00 for moýing imards IFMIS '481,93100 2,297.688 80 00,000,00 7ýOW,006 00 ---ý8:ý983.69 2.237J,11 69 7 42 - ,7 11 -4 2 5689,48967 2.7&7,117 -12 IJISAS L254,628 00 2,237,611 69 6 11,223,724_ C Strengthening knternal Centrols and 1,719,9182D 379,492,00, 'ý,6,979,229,0l,' '9,Q78ý639.2 l' 17,425.625ý3o 5,834.341).00 2,ý",935.25 26.065,9119.55 3& 90 1 30 - -- I -- i Ejdilnýing Inlernal Audi( EffecLiýejlesý 324,7 355,070.01 355,070.01 679,8068 11,9 > 4.77S,311) 00 -,,SO 5,93 5 -5 21,5u9,9fig.55 ýpp.. ,. 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Г.� � �� � г, у�J I С� � ор cr . с7 ,- :� �+ � . . - � �' � i Г-. � � ,, � � �� ' � i epor MINISTRY OF FINANCE PFM-MDF FINANCED STRENGTHENING PUBLIC FINANCIAL MANAGEMENT PROJECT World Bank Grant No. TFOASS49 - BT Sernester (Jan to June 2019) Fiseal Year 2018-19 Advance Account Reconcifiation Statement & Cash Projeetion Currency of Advance Account: Ngultrums PARTI'' :Nu, I Cumulative advances to end of current reporting period 78,000,000.00 2 Curnulative expenditures to end øf last reporting, perjod 28,096,170ý95 3 Outstanding Advane to be accounted (fine I 177i1711S 1h7e2) 49,903,829,05 PART,1.1 . . .... ...... . 4 Closin- advance balance at end of reportin,. period 500,000.00 5 Expendituresforcurrentreportingperiod___ 28,359,SS7.1ýý 6 28.859 887.'35 7 Difference (if any) (Lille 3 tninus fine 6) l see note I below 21,043,941.70 PART,11V 8 Total amount: to be paid by World Bank- 104.044,222.35 9 Closinaadvance balance at the end of eurrent reporting period (salne as Lille 4) 500,000.00 10 DiGerence (if aqysame as L me 21,043.941,70 I I Cash reguirement fi-om World Bank for next reporting period ýfine 8 minus lille 9 Inflins lille 10) 82,500,280.65 Note 1: Explanalion for differen ces.- i. Balance witli MoF in GCA (i.e. al?7ount trwgfe3-re,ýfron? Des(gnatedAlc minus F-xpendimrere orled): 21,043,941.70 Total 21,043,941.70 (Sonam Mendrel vangmø) (Sonam TobLyý d) Projed Ae-,)untant Prøjed Manager ......... (u (Tshering Dotý I Finance Seetion Offtg, Director � ' � � � ; г ео � �� � ег •-я. а. __ ..,,. �,. с. и в �r. �^й _. С � - т= �с- с� с с � _ _ - х - � - ''° .,j . ® о; ,п. _ _ - r �i... с� ri й _ о_ �L -�й h� G` Г� � г Гй !�,.. Т R �° С. - ,з. ..� � . �, °. �G �. С С• _ . , Л .. . ГГ,. � L - в г.., � >з с - � " _ г-. "�' ° . � и. G^. С' _ - , ^ т � •й'. �'- 54 С - � � п G � ^. �. , ос:� �• � ': _ -, - - ,го у� ri_г rv н� � � р �..� �� и _ ^� - - ,r- ? г� с й - " +t• _ Qr :^ У U � � F • .� д с � U W � �� �� ....�.... G? � С^` �; €. r � G `7� v t-и- r б L7 �7 �.л д_ д w и т г Z� � °" � � � � tз � �:з и и г м г г�- ,� д � rv � 4 д ?,�..' 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OUTSTANDING FY1AU FIC ADMINISTRATIVE UNITIPROJECT NAME CASH RECEIPT RELEASE EXP-INCA$H ADVANCE REFUND CASH WITH GOVT, 2017-2018 202.01 MINISTRY OF FINANCE Balance from Previous years: 0.00 4616 MDF for Strengthening Public Financial Management 20,000,000 00 0,00 Project 202.01105/001040/002 006 Ol/ 4`6,156[ ETTING LEGAL AND, 6,500,000.01) 4.382,547.89 iE, 1-1 .-1 ID C1E%.'EL%-_'Pr IE. IT,"-,F 202.01/05/{)O/O4O/OO2/0OB.O3f46l6[STRENGTHENING 2,200,242.52 PUBLIC PROCUREMENT SYSTEM ) 202,0110510010401002iOO6.0314616[STRENGTHENIN(3, 2,386,000.00 PUBLIC,PROCUREMENT,,,'S), 'TE"Ml,'' 202.01/05100/040/002/006,0414616[STRENGTHENING 2,707,594.00 2,481,931.00 PUBLIC FINANCIAL MANAGEMENT PROCESS AND SYSTEMS AND THEIR INTEGRATED FINANCIAL MANAGEMENT INFORMATION SYSTEM (IFMIS)l 202-01105100/G40/OD21006.06146,16fSTPE fC 'r,L4F- NING 324,736.80 ANID,.ENHA CIN'i ,;IN,TIEIRNA,i-,,AUIDITE -FE-CTI IENESS,I 202.01/05100/0401002t0013,061461 (3[STRENGTHENING 340,000.00 AND ENHANCING INTERNAL AUDIT EFFECTIVENESS] 202.01/05/00/0401002JO06,071461 6[SUPPORT TO 100,000.00 100,000.00 ACCdONT1146" I ID -. I"D Tir I-: FUT., I ILIPLE; 1EI jTil IG EHUT."I I ii jTIr j--:. 5T'-HD'P 1JLE j-1 n) E'T-iF_L1'_-PN.Er IT Disclaimer: This is an authentic system generated report, Users re r1ested to notify De atment ofPublicAccounts immediately ofany Page 1 of 4 discrepancies in the report. y "y � ° . 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OUTSTANDING FYIAU FIC ADMINISTRATIVE UNITIPROJECT NAME CASH RECEIPT RELEASE EXP-INCASH ADVANCE REFUND CASH WITH GOVT. 202.O,l/O5/OO/O4OiOO2/0O6.02146,16[[MPROVING BUDGE7 1,785,000.00 1.772,206.00 REPORTANI'.L,El_ -rlr,---L E-ZIFIt- TI.:-111 202.0110510010401002/006.0314616[STRENGTHENING 2,000X0.00 521,850-39 PUBLIC PROCUREMENT SYSTEM] 202,01/05/00/040/002JO06-0414616fSTRENGTHENING 11,926,406.00 11,910,609.52 Fifi-JI.-I'L r.1 ri. III iT Z: cTEI.Iz '.IJDTt-!EI-.- 4,585,000.00 2,237,611.69 202.01/05100/040/002/006.05/4616[IMPLEMENTATION OF INTERNATIONAL PUBLIC SECTOR ACCOUNTING STANDARDS (IPSAS)l 202,01105100/040/002JO06.06/4616FSTRENGTHEN ING, 501,000.00 355,070.01 AND ENHAI JCII I.- JFEF! Cl '-'-'[,IT EF -E,:i 11 "E.'I.C: z 202.01105/00/040/002/006.07/4616(PROJECT 20,00G.00 12,830.85 IMPLEMENTATION UNIT, PFM-MDF) 202 Oi/05/00/0401002/006.0814616[CAPACIITV BUILDING 300,000.00 288,572.00 202.011051001040/002/006.D9t4616[CAPACITY 13,974,000.00 13,758,635.18 DEVELOPMENT IN PUBLIC FINANCIAL MANAGEMENT(PFM)l 202.011/05/00/040/f)02JOOC).,10/4 116[.A(-C,OUNTIPI(--- ANFD,, 7,033,000,00 6,715,079.00 ALID ITING 'ST AN D ARD IBOAPD ,OF,LAHUTANI TOTAL 4616; 57,500,000.00 51,410,534 00 44 696,853.82 0,00 0 00 14.330,261.52 [Disclaimer: This is an authentic system generated report, users requ, ted to notify "ep artmentof Public Accounts immediately of any Page 3 of 4 discrepancies in the report. � ' F; гч п, п, � и и и , � � � з С7 п`°s пг с�ч z у Q, Q о о С 1- t+3 �,. М . 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U MINISTRY OF FINANCE Pnnted Date '151;C02019 Receipts and Payments Statement For A/C. No. 202.01/201 ]-PLC l'or the Moillh of JUNE - 2019 Receipts Paynion(s No. Group/Broad Head Of Account For the iNlonth Annual Progressive For (fie Month Annual Progressive Curnulative Balance (Nu.) (Nu.) (Nu.) (Nu.) Cr, Dr 1 Opening Balance - .I Cash L19075 0 0a b Bink 6.(,00,87187 2 Releases: a Budgetary 11.102,000 00 51,410,534 00 b Non-Revenue 000 1.019,316 38 c Refundable Deposits 000 0 GO d, Un-cashed Cheques 0.00 0,00 3 Grants in-Kind : 000 000 000 0 U0 4 Borrowings in-Kind 000 000 0.00 000 5 Revenue ReceiptslRemittances 109,51000 424,48245 109,510.00 424,48245 6 Other Recoveries/Remittances a, GPF Employee Contribution 0.00 000 Goo 000 b Govt Wurance Scheme 000 000 000 0,00 c Other Insurance Premia 000 000 000 000 d Loans from Fin Instts 000 0M 0 OG 000 e. Others 000 0,00 0,00 000 7 Personal AdN-artces 0.00 0 OG 000 0,00 000 3 Miscellaneous Receilits/Payments a Non-Revenue A/C. Deposits Goo 0.00 000 1,019,316 38 b Refundable Deposit AJC. Deposits 0 0? 0.00 000 000 Page 1 of 2 A- ! 〕， 一’！日 MINISTRY OF FINANCE Printed Date :15108/2019 Expenditure Statement For A/C No. : 202.01/2011 - PLC Program Code: 040 - PUBLIC ACCOUNTS SERVICES For the Month Of JUNE - 2019 Codes Expenditure for the month (Nu.) Current Budget Annual Progressive Expenditure (Nu.) Amount (Nu.) SID AC SAC FIC 013C Name Amount PERSADV PW ADV Amount PERSADV PW ADV 002 MANAGEMENT & SUPPLEMENTARY SERVICES OGG STRENGTHENING OF PUBLIC FINANCIAL MANAGEMENT PROJECT 01 GOODS AND SERVICE -1 AX (GSTI IMPLEMENTATION 4616 MDF for Strengthening Public Financial Management Project 17.08 Op. Exp. - Incountry Meetings and 618,332.00 3.91G,000.00 2,547 781,00 Cefebrattons 54,02 Office Equipment 464,570.00 1,683.888.00 54.03 Computers & PQripherals 1.085 925.00 55-01 Professional Services 507.816.12 1,806.795 18 3.05 PWA Others Total FIC Current 618,332 00 2,547,781.00 Capital 972,UG.12 4,576.GOS.18 Lending Repaymen Total Sub-Activity Current 618,332 013 2,547.781.00 Capital 972.386.12 4,576,6013.18 Lending Repaymen 02 IMPROVING BUDGET REPORT,ANALYSIS AND CLASSIFICATION 4616 MDF for Strengthening PublIc Financial Management Project 45.02 Training - Othem. 1,772206.00 93.05 PWA Others Page 1 of 6 ---------- ! ：一 Printed Date :1510812019 Expenditure Statement For AIC No. :202.01/2011 - PLC Program Code: 040 - PUBLIC ACCOUNTS SERVICES For the Month Of JUNE - 2019 Codc!s Expenditure for the month (Nu,) Current Budget Annual Progressive Expenditure fNu.) NamL Amount (Nu.) SP AC SAC FIC 08C Amount PERS ADV PW ADV Amount PERSADV PW ADV 45.02 Training - Others 6,441,648.00 8.144,322.00 54.02 Office Equipment 693,400,00 54.03 Computers & Peripherals 716,73200 55.01 Professional Services 505,440.00 968,760,00 93.05 PWA Others Total FIC Current 2T7-,06280 Capital 6,947,088.00 11,663,546.72 Lending Repaymen Total Sub-Activity Current 247,015180 Capita[ 6,947,088,00 11,663.546.72 Lending Repaymen 05 IMPLEMENTATION OF INTERNATIONAL PUBLIC SECTOR ACCOUNTING STANDARDS (IPSAS) 4616 MDF for Strengthening Public Financial Management Project 17.08 Op. Exp. - Incountry Meetings and 85,000.OG 65,176.01) Celebrations 45.02 Training - Others 1,189.452 00 55.01 Professional Services 962,983.69 93.05 PWA Others Total FIC Current 6FI_76 00 Capital 2,172.435.69 Lending Repaymen Page 3 of 6 ―「：··；[ Printed Date -15/0812019 Expenditure Statement For A/C No. :202.0112011 - PLC Program Code: 040 - PUBLIC ACCOUNTS SERVICES For the Month Of JUNE - 2019 Codes Expenditure for the month (Nu.) Current Budget Annual Progressive Expenditure (Nu.) Sp AC SAC FIC OBC Name Amount PERSADV PW ADV Amount (Nu.) Amount PERS ADV PW ADV 08 CAPACITY BUILDING OF PARLIAMENTARY COMMITTEES 4616 MDF for Strengthening Public Financial Management Project 55.01 Professional Services 288,672.00 288,572 00 Total FIC current Capital 288,572.00 288,572.00 Lending Pepaymen Total Sub-Activity Current Capital 288,572.00 288,572.00 Lending Repaymen 09 CAPACITY DEVELOPMENT IN PUBLIC FINANCIAL MANAGEMENT(PFM) 4616 MDF for Strengthening Public hnancial Management Project 45.01 Training - Human Resource Development 9,491j22,80 55.01 Prolessionil Services 1,258,031.56 4,266 912.38 93.05 PWA Others Total FIC Current Capital 1,2S8,031.56 13,753,635,18 Lending Repaymen Total Sub-Activity Current Capital 1,258.031.56 13.758,635,18 Lending Repaymcn 10 ACCOUNTING AND AUDITING STANDARD BOARD OF BHUTAN 4616 KI DF for Strengthening Public F inanc al Management Project NL A Page 5 of 6 -&-l MINISTRY OF FINANCE PFik1-MDF FINANCED STRENGTHENING PUBLIC FINANCfAL MANAGEMENT PROJECT World Bank Grant No. TFOA5549 - BT Fiscal Year 2018-19 Statement of WA Claims Submittedand Dibursement WitlidraNval application Claim Submitted Disbursed from World Bank USD BTN USD BTN WA 1 50 000 000,00 50,000.000.00 IWA 2 47,609.995.04 47 608,995 04 ITotal 97,608,995.04 97,608,99504 Note 1: Explanation for differences: Expenditures incurred in [lie FY 2017-1 claimed in FY 2017-18) 11,759,204.48 [Expenditures incurred in the FY 2018-19 claimed in FY 2018-19) 44,696,853.82 y- (Tsheri,n,g D.,f'[) (Sonam Mendlel Wangmo) (Sonam Tobgyel) (Ugy liewang) Project Accountant Project Manager Offig. Director ead, Finance Section BB BANK OF BHUTAN STATEMENT OF ACCOUNT ACCOUNT NO 200787259 ACCOUNT TYPE CA - GOVERNMENT DEPT CUSTOMER NO 20479827 NAME MDF FOR STRENGTHENING PUBLIC FINANCIAL M ANAGEMENT PROJECT STATEMENT FROM 01-JUL-2019 to 19-AUG-2019 DATE OF OPENING 10-OCT-2017 ADDRESS DEPT OF MACROECONOMIC AFFAIRS OD Limit 0 MOF CURRENT BALANCE 48,108,995 04 THIMPHU RATE 0% THIM=THROM NA 000000 BRANCH NAME THIMPHU MAIN BRANCH Opening Balance as on 07/08/2019: 500,000 00 POST VALUE PARTICULARS CHEQUE NO/ DEBIT CREDIT BALANCE DATE DATE REFERENCE 07/08/2019 07/08/2019 BY BY TRANSFER:RMA/DB/IBRD/2019- 47,608,995.04 48,108,995 04 20/650. BILL 000000010089060:00020 fotal 0.0c 47,608,995 0 STATEMENT SUMMARY:- OPENING BALANCE TOTAL DEBIT TOTAL CREDIT CLOSING BALANCE 500,000.00 0 00 47,608,995.04 48,108,995.04 END OF STATEMENT UNLESS A CONSTITUENT NOTIFIES THE BANK IMMEDIATELY OF ANY DISCREPANCY FOUND BY HIM/HER IN HIS/HER STATEMENT OF ACCOUNT IT WILL BE TAKEN THAT HE/SHE FOUND THE ACCOUNT CORRECT. THIS IS A COMPUTERIZED STATEMENT AND MAY NOT REQUIRE SIGNATURE Page 1 of 1 BANK OF BHUTAN Referesh Date: 7/4/2019 BaNCS ACCOUNT STATEMENT FOR LCIPLC ACCOUNT Page 1 BANK OF BHUTAN - - FROM 01-JUN-2019 TO 30-jun-2019 Acct No : 200884242 Total Budget Alloted 52,429,850.38 202.01/2011 Opening Bal : 34,691,175.41 Acct Branch THIMPHU MAIN BRANCH Total Withdrawl 45,719,289.95 Acct Name PFM MDF PROJECT MOF Available Balance : 6,710,560.43 Addressi : NIL Address2 TXN DT TXN DESCRIPTION CHEQUE NO PARTICULARS DEBIT AMOUNT RUNNING BAL 61412019 CHEQUE DEBIT 306921 37,898,00 34,729,073.41 6/7/2019 CHEQUE DEBIT 306926 698,150,00 35,427,223.41 6/7/2019 CHEQUE DEBIT 306924 64,768.00 35,491,991.41 6/1012019 CHEQUE DEBIT 306927 33,751.00 35,525,742.41 6/10/2019 CHEQUE DEBIT 306923 22,767.00 35,548,509.41 6/11/2019 CHEQUE DEBIT 306922 3,538.00 35,552,047.41 6/11/2019 WITHDRAWAL TRANSFER . ST/50/2224 CHARGES OUR 1,052.85 35,553,100.26 6/13/2019 CHEQUE DEBIT 306925 30,434.00 35,583,534.26 6/14/2019 CHEQUE DEBIT 306929 493,503.00 36,077,037.26 6/15/2019 CHEQUE WITHDRAWAL 306930 485,000.00 36,562,037.26 6/20/2019 CAS SINGLE SIDED DEBIT THROUGH 306928 35,280.00 36,597,317.26 6/21/2019 WITHDRAWAL TRANSFER ST.50.3234 501,977.12 37,099,294.38 6/24/2019 CHEQUE DEBIT 306931 58,336.00 37,157,630.38 6/26/2019 CHEQUE DEBIT 306933 283,372.00 37,441,002.38 6/27/2019 CHEQUE DEBIT 306934 5,096.00 37,446,098.38 6/27/2019 CHEQUE WITHDRAWAL 306935 142,997.00 37,589,095.38 6/27/2019 DEBIT TRANS 306932 347,279.00 37,936,374,38 6/28/2019 CHEQUE DEBIT 306937 426,868.00 38,363.242.38 6/28/2019 CHEQUE DEBIT 306936 23,497.00 38,386,739.38 6/28/2019 WITHDRAWAL TRANSFER R-80158 1,220,369.56 39,607,108,94 6/29/2019 CAS REMITTANCE THROUGH CHEOU 306939 5,730,000.00 45,337,108.94 6129/2019 CHEQUE DEBIT 306938 28,410.00 45,365,518.94 6/29/2019 WITHDRAWAL TRANSFER BC ISSUE CHARGE LT NO 3 10,314.00 45,375,832.94 6/2912019 WITHDRAWAL TRANSFER ST.50.3390 343,457.01 45.719,289.95 Total Withdrawl: 45,719,289.95 '1 PFM-MDF FINANCED STRENGTHENING PUBLIC FINANCIAL MANAGEMENT PROJECT World Bank Grant No. TF0A5549 - BT Fiscal Year 2018-19 RECONCILIATION OF CLAIMS TO TOTAL APPLICATION OF FUNDS PART I (A) Expenditures as per PEMS 44,696,853.82 (B) Expenditures as reported in project IUFR 44,696,85382 (C) Expenditures claimed from World Bank during the year 44,696,853.82 PART II Explain the difference between between(B) and (C), if any: Advances wrongly reported as expenditures Expenditures not considered eligible by the bank PART III Explain the difference between (B) and (C) if any: Expenditures not yet claimed Expenditures for earlier years claimed this year (Sonam Mendr Wangmo) (Sonam Tobgyel) (Ugye Tshewang) (Tshering Dorji) Project Accountant Project Manager Dy.Chief Finance Officer Offtg.Director 1000 Vo~ 4.awa '.-.-4.4 w.. ....e w--- -.... ..~ ..-- ».-- . .--.« R -)YA G - \l SI'S D l VNN(1 MOF/ACCTS/PFM-MDF-01/2019-2020/ 235 August 22, 2019 The Auditor General, Royal Audit Authority, Royal Government of Bhutan. Hon'ble Dasho, This assertion letter is provided in connection with your audit of the financial statements of the PFM-MDF financed strengthening public financial management project for the year ended June, 2019. We acknowledge our responsibility for the fair presentation of the financial statements in accordance with the cash basis of accounting followed by the Royal Government of Bhutan, and we confirm to the best of our lnowledge and belief, the following representations made to you during 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 a significant role in internal control or that have a material effect on the project financial statements. * We have made available to you all books of account and supporting documentation relating to the project. * The project has complied with the conditions of all relevant legal agreements, including the Financial Agreement, the Project Agreement, the Project Appraisal Document, the Minutes of Negotiations and the Borrower's Project Implementation plan. Yours i cerely, (Sonam Tobgyel) Project manager (Tshering Do1ii) Chief Finance Of7 ROY AL GOYVRN\ ENT OFBUA MOF/ACCTS/PFM-MDF-01/2019-2020/ SI August 22, 2019 Significant Accounting Policies and Explanatory Notes 1. The Project Financial Statements have been prepared on cash basis. 2. Receipts of funds by the projects are recognized on the basis of receipt of release from DPA, Ministry of Finance. 3. Expenditures are accounted for on cash basis as and when disbursements are made. 4. Replenishments from world bank are made on the Interim Unaudited Financial Report (IUFR) submitted quarterly. 0e (Sonarn el Wangmo) (Sonam Tobgyel) (Ts ering Doji (Ug ewang) Project Accountant Project Manager Offtg. Direc Head, Fi ance Section lwlov,VAa 117. Teti Pi 1BX- 0971-2-. 32227! 322285 322'223 322-514'327703. Pav:,323 154.;rwnq"tt ANNEXURES meam.:µ s.»-«m .._--..-2.- i....:...m...m..a u.sen:.:.« sa:.ar .es::ramo kau.34m .. .org e.. .--44 e. .wo-4xы ц,..ь..,....г-.и r.-..,._._.... .....,.... ..._.з ..,..г.._--.. .»..�и< н:.п в.-.-.�.......,о kч-„г...в..-. аг,..wа.-.ц Annexure - B: Achievements The RAA, while reviewing the accounts and operations of the Strengthening Public Financial Management (PFM) has also reviewed the plans and programs implemented during the period audited and noted the following the following accomplishments: Some of the pro gress/achievements of the project during the fiscal year 2018-19 are as follows: I J [ J S1 I', pk'( Goods & Services Tax (GST), GST laws drafted and series of consultative meetings Department of Revenue & Customs field with the relevant stakeholders. (DRC) Various office equipment like laptops and video conferencing equipment have been procured 2 Budget report improvement, DMEA & e Team completed an Exposure visit to Austria on DNB Gender Budgeting, Budget documentation and presentation. a New budget format has been implemented with the Budget R 2ort for FY 2019-20 3 c-Government Procurement, GPPMD, e Started works on e-OP Phase II that includes grievance DNP redress/complaint mechanism, system integration with CDB and financial institutions and enhancement to registrations and reporting system. 4 Integrated Financial Mgmt. e Required office equipment like laptops, Server & Information System (IFMIS), DNB & Scanner procured r DPA 0 IFMIS Core Team attended a Consultative meeting on IFMIS in Indonesia Conducted IFMIS work-shop for stakeholders in PDC, Tsirang Trained ICT officials on DevOps & Kubernetes Cluster at Bangkok Institute of Mgt. 5 Cash-basis International Public Sector IPSAS Core Team visited South Affica to learn fi-om Accounting Standards Implementation, the South Affican experience on implementation of DPA IPSAS Contract for Consultancy Service for implementation of Cash-basis IPSAS signed and Inception Report and draft diagnostic report with roadmap submitted 6 Enhancing Internal Audit Contract signed for Consulting Services (firm) to Effectiveness, Central Coordinating conduct External Quality Assessment Review of 5 Agency for Internal Audit Services Ministries, 5 Dzongkhags and one Autonomous (CCA, IAS), MoF Agency. 7 Supporting AASBB on implementation Two officials completed training on IFRS of Accounting and Auditing Standard Review of Bhutanese Accounting Standards I & Il and Establishment of Professional completed Accountancy Organization 8 Capacity Building of Parliamentary o Members of Economic and Finance Committee of Committees National Assembly completed Workshop on Budget Scrutiny and Analysis. 9 CapacityBuilding in PFM Competency Framework for Finance Personnel developed Two officials have been enrolled for Distance Learning CPA Prog at the RIM * 15 Finance Officers attended training on Medium Term Expenditure Framework & Reporting Standards in Philippines. o 28 Accounts Assistants attended training on Government Budgeting, Accounting and Expenditure Control in Philippines - c-J:sexc.xtraxow ar|xWr--Jgo"-ea.a.li"c., a"4 me."rx| ..c<|4-" c"-a wh y5./.x ny.>, ene"ex e S "x,%.a x. p "ax s2. dsŠrsra .' Vx n25.2.2.2.2. 2.sk N .†-2.."is-k|h"r-2"..ari 6. -2>"d-..:,4 e,»- --a her:x-:-'A-. 4-ed <^-c.''-a----' ··ba'-