THE WORLD BANK- Africa region
                                                   AUDIT REPORT REVIEW FORM


                         PART I (to be completed on receipt of Audit Report by the FMS)
                                                        1. General Information
FMS Name: Meron Tadesse
Country/Project Name: Woman Entrepreneurship Development Project
Project ID: P122764
Ln/Cr./TF Number(s): IDA 51120 and TF 16392
Executing Agency: Federal Urban Job Creation & Food Security Agency (FeUJCFSA)
Period covered by report: July 8, 2016 to July 7, 2017
Due Date: January 7, 2018
Receipt Date (date report was received in the Bank): January 4, 2018
Date Report was received by FMS: January 4, 2018


                                                              2.   The Auditor
Auditor’s Name: TAY & Co. Chartered Certified
  Accountants & Authorized Auditors
Auditor Type                                                   Private ( √ )        Government ( )       Private for Government ( )

                                                     3. Reports Received (check √)
Financial Statements – Continuing Entity
Financial Statements – Project                                                                            √
Other (Special) Opinions, if required in the FA,
Name of Other (Special) Opinion noted above:

                                                               4. The Report
Audit Report acceptable to the Bank: (check √)         (√) Yes      No ()
Reason(s) if not acceptable: (check √)      Unacceptable auditing standards ( )     or accounting standards ( )
                                            Incomplete or missing audit opinion ( )
                                            Missing management letter ( )      or missing/incomplete financial statements ( )
                                            Other:    Discrepancy between Financial Data and Opinion ( )
                                                      Discrepancy between audit findings and opinion ( )
                                                      Unclear Qualifications/Ambiguous Statements ( )
                                                      Other (explain below) ( )
Comments


                                 PART II (to be completed on review of Audit Report)
5.       Review Date:         January 12, 2017

                                                              6. Audit Opinion
                                                                               Auditor’s Opinion: (check √)
                                                     Unqualified                Qualified             Adverse                Disclaimer
Financial Statements – Continuing Entity
Financial Statements – Project                            √
Other (Special) Opinions, if required in
the FA,
Name of Other (Special) Opinion noted above:

                                                                   7. Issues
Serious FM Accountability Issues:              ( ) Yes     No (√)
Reason(s): (check √)                           The audit report identifies ineligible expenditures ( )
                                               The auditor’s opinion indicates deficiencies in accounting ( )
                                               The auditor’s opinion indicates a limitation on the audit scope (   )
                                               Misallocation of funds ( ); Misappropriation of funds ( )
                                               Other (explain below) ():
Comments:
Major Internal Control Issues: (check √)         () Yes No (√ )
Comments: The management letter recommended for the project to utilize the resources as planned after indicating that presence of
            unutilized budget of Birr 9.2 million
                                          8.    Auditor’s Performance Rating (check √)
Highly Satisfactory ( )  Satisfactory ( )  Unsatisfactory (√) Highly Unsatisfactory ( )
Comments on Auditor’s Performance: the auditor didn’t indicate the accounting policy adopted.
                                                    9. Recommendations
                   Action                                 Target Date                                Responsible Party
Send plan of action to the Bank to                     February 28, 2018                                FESMMIDA
implement the budget utilization issue
raised by auditors




                                               10. Actions taken / Remedies

(check √)        Acknowledgement sent ( )   Letter Advising Action (√ )    Warning to suspend SOE /IFR-based disbursements (   )
Suspend SOE/IFR-based disbursements ( ) Other:
Other Comments:




            Reviewed by: Meron Tadesse Techane