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Audit Manual - Core Treasury System Uttarakhand

Audit Manual - Core Treasury System Uttarakhand

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Government of <strong>Uttarakhand</strong><br />

<strong>Audit</strong> <strong>Manual</strong><br />

Sr. No Activity Risk <strong>Audit</strong> Steps<br />

• Verify whether the guarantees and assurances granted by the government/<br />

public sector partner are well defined and quantifiable<br />

• Verify whether there are clear and acceptable substitution clauses to face<br />

unforeseen eventualities in the agreement<br />

• Verify presence of safeguard against changes in regulations during<br />

concession period<br />

• Verify whether the agreement contains the rule and procedure for project<br />

activity performance<br />

• Verify whether event of default is defined in the agreement. Further, the<br />

agreement should contains the procedure for termination and penalties &<br />

charges in case of non-compliance of agreement terms<br />

• Verify whether there is a clause for readjusting the period of the concession<br />

in case the corresponding revenue fall short of the projections or exceed the<br />

projections<br />

• Verify whether the worked out ‗Return on Investment‘ parameter mentioned<br />

in the agreement<br />

C<br />

Finances<br />

3 Project Finances and monitoring • Delay in Project and budget timeline • Verify whether a record of actual loan receipts and interest payments is<br />

Page 126 of 705

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