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Foreword The IFAD Guidelines on Project Audits, approved by the Executive Board at its Seventy-Eighth Session in April 2003, outline IFADs policy and procedures relating to annual audits of IFAD-funded projects. A large number of IFAD projects involve cofinancing with cooperating institutions (CIs), some of which have published guidelines. Where a CI has established guidelines and assumes the lead in project administration under a cooperation agreement, the CIs guidelines will be followed. The IFAD Guidelines should be followed for projects administered by CIs that do not have their own audit guidelines, and for all projects directly supervised by IFAD.