CHARTERED ACCOUNTANTS Auditor's Report on Project Financial Statements for the Financial Year 2019-20 To The Managing Director Bihar State Educational Infrastructui e Development Corporation Limited, 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 16.01.2020 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 accountin g policies (collectively referred to as the "Project financial statements" - PFS). In our opinion the accompanying PFS give a true & fair view of the cash receipts and disbursements for the year ended on March 31 2020 and its cash flows for the year then ended in accordance with the Financial 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 Accountant of India (ICAI). Our responsibilities under those standards are further described in the Auditor's Responsibilities 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 et ical 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. www.guptasachdeva.com Registered Office: +91 78700 99007 +91 612 2973080 connect.patna@guptasachdeva.in 103, 1st Floor, Jagat Trade Centre, -91 75649 00708 +91 612 2973081 Fraser Road, Patna - 800 001 +91 75649 00710 +91 612 2973083 facebook.com/guptasachdeva [ m Sol iS~iniii~ii 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 Agruement, accounting principles generally accepted in India, including the 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; ;election 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 Financial Statements Our responsibility is to express an opinioii 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 witi 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 i isks of material misstatement of the project financial statements, whether due to fraud or error. I. making those risk assessments, the auditor considers internal financial control relevant to the Management's preparation of the projeef 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 haxe 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 Finaticial 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 h is been correctly reported in the Project Financial Statement. Further we also certify that: a. Project funds were utilized for the y urpose for which they were intended. b. Project expenditure was exclusively financed through the project funds and no other sources of funds have been received for incurring those expenditure. c. Proper books of accounts have beei. maintained and Project expenditure reported in IFR is in agreement with the books of accounts, 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 I1roject financial statement e. Interim Financial Reports (IFR) submitted by the Project management can be relied upon to support applications for wit idrawal of the loan, and adequate supporting documentation has been maintained to support these claims; f. The accounting and internal control 3ystems underlying the project and oversight over the Project funds except for the possible effects reported in management letter from auditor were adequate and maintained throu ghout 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 statement /information of Financial Statement of BSEIDC for the year ended 3 1" March 2020 which has I een audited by another auditor and whose reports have been furnished to us. For Gupta Sachdeva & Co. (Chartered Accountants) (Firm Reg. No.:006706N) Animesh Kumar Jha (Partner) (M. No.: 067831) Date: 01 / - /- Place: Patna I- C ?~6 3 A ArxP,- 6Q'2 , 미믹！-,- BSEIDC: TA expenditure Reporting for quarter ended 3 1.03.2020 IFR2 Quarter Ended Particulars 31.03.2020 ( INR/Rupees INR/Rupees INR/Rupees) For 01.01.2020 to 31,03,2020 FY 2019-20 Cumulative Opening Balance in bank account (A) 60,92/,76J.7G 2S,032,000.00 Additions: Interest received from S,13, AccoUnt 6 2,686,828.00 Receipt from PD account PLA account) 320,000,000.00 320,000,000M 420,128,000.00 other Income (if any) - Total Receipts (C /0 33 L,,1 70, /63.70 Less: Expenditure against TA activity 1, Consultant Services PMU support - Medhai Tuchno Corcept M.Ud. 16,611,688.00 36,675,992.00 57,029,535.00 Independent Verification Agency ( Sutra Consultancy 3,054,049.00 14,061,351.00 SCERT Im plemenLa Lion Support Agency( ISA - 1PE C;Iob,)l 1 30,241,454.00 60,676,404.00 Programme Civil work Consultancy ( Rounak Corrsultancy Procurement [or cloud hosting for SMC,SSC App. 1,068,183-00 1,068,183-00 1,068,183-00 IT Services for Programme. 89,090.00 S.K,Patodia( Financial Management mamral 1 401,800.00 Non conventional energy resource Enhancement on procurement and FM system and Toli for consultancy of ERI, SCERT FM strenthening SCERT Program management SCERT - Programme Strengthing -SMC Survey ( CWT 1,479,375.00 SCERT Leadership Training SCERT midline and endline studies on Teacher performance (111E Global) Impact evaluation studies Human resource management information systew sruvey of SIVIC's verification agencies (Sutra Consultancy) 2. Training and workshop costs 2,549,96-3.00 3. Incremental operating costs (Centage by BSLIDC 4. Reconciliation for the interim fund arr wgernew (Bank S. Reconciliation forthe interim fund afrxilewew (liank 6. Audit Fees 169,920.00 169,920.00 229,920.00 Less : Expenditure other than TA activity bank cha(ges) 41,30 Total Expenditure (D) 17,849,791M 71,209,598.00 137,585,662.30 Closing Balance (C-D) 310,261,165.70 310,261,165.70 310,261,165.70 Closing balance as per bank statement oillefonce (it any) /0 3,911,734.70 3,911,714.70 Working Notes 1 The bank accoont Latewent should be provided along with IUFR. 2. Any difference between closing balarive iis per lUFR and as per bank stalcmem shOL11(l be reconciled and statement provided alongwith. Thedifference arises due to Reconciled amount for Rs. 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