Georgia’s State Audit Office conducting Performance Audit of a World Bank-funded project

NBG noted the volume of money transfers from abroad constituted $91m Photo by N. Alavidze/, 28 Feb 2018 - 13:07, Tbilisi,Georgia

The State Audit Office (SAO) has started conducting the first independent performance audit of the World Bank-funded Secondary Road Asset Management Project (SRAMP).

The Project is being implemented by the Roads Department of Georgia.

In January 2018, the World Bank and the Roads Department of Georgia requested the State Audit Office to conduct an independent performance audit of the project.

Georgia and the International Bank for Reconstruction and Development (IBRD) signed the Loan Agreement for the Secondary Road Asset Management Project on March 28, 2016.

The Project uses an innovative financing instrument whereby disbursement of a loan proceeds occurs upon the achievement of predefined project results (so-called Disbursement Linked Indicators) and the verification of these results through an independent performance audit.

Pursuant to the Loan Agreement, the Project Performance Audit and the verification of the achieved results should be undertaken by an independent auditor under terms of reference satisfactory to the bank. Upon the completion of the audit, the Roads Department of Georgia will submit the SAO’s independent performance audit report to the World Bank and request the disbursement of the loan amount confirmed by SAO as the eligible amount for the results achieved under SRAMP as of December 31, 2017.

The Independent Performance Audit of the Project covers the period from July 6, 2016 to December 31, 2017.