Procurement Audits. In order to ensure the proper carrying out of procurement of goods, works and services financed out of the proceeds of the Financing the Recipient shall carry out, under terms of reference satisfactory to the Association, annual audits on such procurement. Each such audit: (a) shall cover the period of one Fiscal Year, commencing with the Fiscal Year in which the first withdrawal under Financing was made and shall be furnished to the Association not later than six (6) months after the end of such period; (b) shall cover all procurement activities during such period, including Operating Costs incurred; and (c) include measures designed to ensure continued compliance with the requirements of this Agreement.
Appears in 2 contracts
Sources: Financing Agreement, Financing Agreement