ASDP Basket Fund - Ministry Of Agriculture, Food and Cooperatives

8 Reporting requirements and auditingarrangementsThe auditors should:• Give an opinion on the basket fund account’s opening balance,transactions during the year and closing balance. To this end, auditors arerequired to, for example:• Obtain confirmation from the development partners onamounts transferred during the financial year to the basketfund account• Ensure that all transfers from the basket fund account havesubsequently been transferred to ASLMs developmentexchequer account• Give assurance with respect to disbursements made through theDevelopment Exchequer; vouch the validity and accuracy of payments;verify the effectiveness of systems and provide an opinion on whetherfunds disbursed were used for their intended purpose• Give an opinion on the financial statements. Should their opinion bequalified, the auditors must explain the factors which have influenced theirposition• Assess the adequacy of systems for internal control and accounting andparticularly the control of fund releases and payments as well as theadequacy of the accounting and reporting systems• Comment and provide recommendations with respect to any controlweaknesses identified in a management letter. The auditors discuss themanagement letter with the ASLMs management. They must incorporateany comments received in the management letter.Special auditIn the event that a particular risk has been identified, during a course of a financialyear, and/or where the timely conduct of the annual external audit may not befeasible, then any party to the ASDP MOU and/or the ASDP Basket Fund SteeringCommittee can request for a special audit by:Government of the United Republic of Tanzania73