Common use of Procurement Audits Clause in Contracts

Procurement Audits. 1. The Recipient shall, not later than six months after the Effective Date, put in place arrangements, satisfactory to the Association, including the appointment of independent procurement auditors in accordance with Section III of Schedule 2 to this Agreement, with qualifications, experience and terms of reference acceptable to the Association, for reviewing the procurement of goods, works and consultants’ services financed under the Project, including the reviewing of procurement procedures and processes. 2. The Recipient shall, not later than three months after the end of each Fiscal Year or such later date as the Association may agree, furnish to the Association an audit report on the procurement of goods, works and consultants’ services carried out under the Project, prepared by the said independent procurement auditors.

Procurement Audits. 1. The Recipient Project Implementing Entity shall, not later than six months after the Effective Date, put in place arrangements, satisfactory to the Association, including the appointment of independent procurement auditors in accordance with Section III of Schedule 2 to this Agreement, with qualifications, experience and terms of reference acceptable to the Association, for reviewing the procurement of goods, works goods and consultants’ services financed under the Project, including the reviewing of procurement procedures and processes. 2. The Recipient Project Implementing Entity shall, not later than three months after the end of each Fiscal Year or such later date as the Association may agree, furnish to the Association an audit report on the procurement of goods, works goods and consultants’ services carried out under the Project, prepared by the said independent procurement auditors.