Reporting-Audit-Evaluation Guideline MRIF-BC -2006june19

REPORTING – AUDIT – EVALUATION GUIDELINE CANADA-BRITISH COLUMBIA MUNICIPAL RURAL INFRASTRUCTURE FUND PURPOSE This guide has been prepared to assist the Management Committee (MC) in discharging its responsibilities for the annual audit of the Municipal Rural Infrastructure Fund (MRIF) program, the preparation of annual progress reports of its jurisdiction, and evaluation related activities. Annual audits will provide Canada with assurance that: • there is compliance to the terms and conditions of the Contribution Agreement including relevant legislation; • timely corrective action is taken on audit findings or recommendations; • there is no fraud or misappropriation of contribution funds; • that administration is efficient and that value for money is obtained. SUBMIT TO CANADA: thBy June 30 each year: • An Annual Audit along with action plans to address audit recommendations. • Project Audits undertaken per previous fiscal year’s audit plan. • Applicant audits, as applicable. stBy August 31 each year: • Follow-up to audit recommendations. stBy December 31 each year: • Audit Plan for next fiscal year. Failure to meet these obligations will result in Canada not making further payments. However, the Management Committee may decide that its first annual audit will cover more than twelve (12) months if there are no projects to be audited at early stages of this program implementation. ANNUAL AUDITS ...