2.q; !2/UJ~3 f' It; a, :2q)., ~ ,.. Financial Attest Audit Report on the Accounts of Balochistan Livelihood and Entrepreneurship Project, Quetta, MDTF Grant No. TFB-2123-PK, IDA Grant No. D- 5650-PK, IDA Loan Credit No. 6544-PK Planning & Development Department, Government of Balochistan for the Financial Year 2022-2023 Auditor-General of Pakistan Islamabad TABLE OF CONTENTS Page No. Abbreviations and Acronyms Preface 11 PART-I Project Overview 2 Auditor's Report to the Management 3 Financial Statements 4 PART-II COVERING LETTER TO THE MANAGEMENT 19 EXECUTIVE SUMMARY 20 MANAGEMENT LETTER 22 1. Introduction 28 2. Audit Objectives 30 3. Audit Scope and Methodology 30 4. AUDIT FINDINGS AND RECOMMENDATIONS 4.1 Organization and Management 30 4.2 Financial Management 32 4.3 Procurement and Contract Management 34 4.4 Monitoring and Evaluation 33 4.5 Overall Assessment 40 5. CONCLUSION 41 ACKNLOWErn;rnMENT 42 t ABBREVIATIONS AND ACRONYMS AGP Auditor-General of Pakistan ACS Additional Chief Secretary BDS Business Development Services BDF Business Development Facilities BLEP Balochistan Livelihood and Entrepreneurship Project B&R Buildings & Roads CFA Chartered Financial Analyst CDWP Central Development Working Party • DC District Coordinator DG Director General ECs Enterprise Clusters EDPs Enterprise Development Plans GST General Sales Tax GoB Government of Balochistan IDA International Development Association IPSAS International Public Sector Accounting Standards ISSAI International Standards of Supreme Audit Institutions LP Local Facilitator LIPs Livelihood Investment Plans M&E Monitoring and Evaluation MDTF Multi Donor Trust Fund PC-I Planning Commission Proforma-I PFC Provincial Finance Commission PSC Project Steering Committee P&DD Planning and Development Department PMU Project Management Unit PMIU Project Management Implementation Unit Pvt. Private STEP Systematic Tracking of Exchanges in Procurement TBTTP Ten Billion Trees Tsunami Program TOR Terms of Reference TRP Technical Resource Person l • PREFACE The Auditor-General of Pakistan conducts audits subject to Articles 169 and 170 of the Constitution of the Islamic Republic of Pakistan 1973, read with Sections 8 and 12 of the Auditor General's (Functions, Powers and Terms and Conditions of Service) Ordinance 2001. The audit of Project Director, Balochistan Livelihood and Entrepreneurship Project was carried out accordingly. The Directorate General Audit, Balochistan, Quetta conducted audit of the Project Director, Balochistan Livelihood and Entrepreneurship Project during July - September, 2023 _ for the period 2022-23 with a view to reporting significant findings to stakeholders. Audit examined the economy, efficiency, and effectiveness aspects of the Project. In addition, Audit also assessed, on a test check basis, whether the management complied with applicable laws, • rules, and regulations in managing the project. The Audit Report indicates specific actions that, if taken, will help the management realize the objectives of the project. The Report consists of two parts. Part-I contains Auditor's Report (Audit Opinion) and Financial Statements. Part-II contains Executive Summary, Management Letter and Audit Findings. The Report has been prepared for submission to the World Bank in terms of Agreement with Government of Pakistan. ~ , - 4 (Shu Ali) Director G eral Audit Balo chis tan Dated: November 22, 2023 Quetta 11 • PART-I 1. PROJECT OVERVIEW 2. AUDITOR'S REPORT TO THE MANAGEMENT 3. FINANCIAL STATEMENTS PROJECT OVERVIEW Name of Project: Balochistan Livelihood and Entrepreneurship Project Sponsoring Authority: Multi Donor Trust Fund (MDTF) through World Bank Executing Authority: P&D Department, Government of Balochistan, Qu~tta Grant No: MDTF Grant No. TFB-2123-PK, IDA Grant No.D 5650-PK, IDA Loan Credit No. 6544-PK PC I Cost: US$ 50 million equivalent to PK.R 7,899.981 million Date of Commencement: March 26, 2020 Actual Date of Commencement: November 01, 2021 Date of Completion (as per PC I): June,2025 Date of approval by CDWP December 09, 2019 Loan Closing Date: June 30, 2024 Loan Utilization Status in FY 2022-23 Rs. 2,759.685 million Progressive Expenditure up to F.Y 2022-23 Rs. 2,939.184 million AUDITOR'S REPORT TO THE MANAGEMENT (AUDIT OPINION) 2 Office of the DIRECTOR GENERAL AUDIT BALOCHISTAN Pakistan Audit and Accounts Complex Zarghoon Road, Quetta Ph: 081-9203590 Fax: 081-9201969 AUDIT.OR'S REPORT {Un-Qualified Opinion) t Auditor's Report on the Financial Statements of "Balochistan Livelihood and Entrepreneurship Project, Quetta" under MDTF Grant No. TFB-2123-PK, IDA Grant No. D-5650-PK, IDA Loan Credit No. 6544-PK through World Bank, P&D Department Balochistan, Quetta under Ministry of Economic Affairs Division (EAD) We have audited the accompanying Financial Statements of Balochistan Livelihood and Entrepreneurship Project, Quetta that comprise Statement of Cash Receipt and Payments, Statement of Comparison of Budget and Actual Expenditure together with the notes to the Financial Statements forming integral part thereof for the year ended June 30, 2023. Management Responsibility It is the responsibility of Project management to establish and maintain a system of internal control, and prepare and present the Financial Statements in conformity with the requirements of Cash Basis IP SAS and Financial Reporting under the Cash Basis of Accounting Standards. Auditor's Responsibility The responsibility of the auditor is to express an opinion on the Financial Statements based on audit conducted. We conducted our examination in accordance with International Standards of Supreme Audit Institutions. Those standards require that we plan and perform the audit to obtain reasonable assurance that the Financial Statements are free of material misstatement. The audit process includes examining, on a test basis, evidence supporting the amounts and disclosures in the Financial Statements. It also includes assessing the accounting principles used and significant estimates made by the management, as well as evaluating the overall statement presentation. We believe that our audit provides a reasonable basis for our opinion. - Opinion In our opinion: a) The Financial Statements present fairly, in all material respects, the cash receipt and payments by the project for the year ended June 30, 2023 in accordance with Cash Basis IPSAS, Financial Reporting under the Cash Basis of Accounting Standards. b) The expenditure has been incurred in accordance with t h ~of legal agreement. Ali) eral Audit Dated: November 22, 2023 Quetta 3 Balochistan Livelihood & Entrepreneurship Project (BLEP} ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30, 2023 ' Balochistan Livelihood & Entrepreneurship Project (BLEP) Statement of Financial Position As at June 30, 2023 Note 2022-23 2021-22 Rupees Rupees Assets Current Assets 10 Cash & Bank MDTF Grant TFB-2123-PK 10.1 163,311,336 1,717,360,145 IDA Grant D-5650-PK IDA Loan Credit No. 6544-PK Petty cash in hand 10.2 220,140 163,311,336 1,717,580,285 Equity & Liabilities Accumulated reserves 145,122,445 1,717,580,285 Liabilities Retention money with held 18,188,891 163,311,336 1,717,580,285 Fin cial Management Specialist Head of B p BLEP Finamt11 Mauafemm1t Specialist ead of Projec~ Balndi1jan l,i\:fl.!ilUIOdS & his Livelihood 8 Entrepnme,.n:J,Jti F:r: F~ :., , :'.neurship Pro,iect IBLE'l: • Balochistan Livelihood & Entrepreneurship Project (BLEP) Statement of Cash Receipts and Payments For the Period ended on June 30, 2023 Note 2022-23 2021-22 Rupees Rupees Receipts MDTF Grant TFB-2123-PK 6 1,205,636,426 1,897,079,732 IDA Grant D-5650-PK IDA Loan Credit No. 6544-PK 1,205,636,426 1,897,079,732 Less: Expenditures/Payments Component 1 - Economic Mobilization (EM) 7 Goods (Equipments & Furnitures) 7.1 10,177,015 Non-Consulting Services 7.2 73,881,362 6,301,330 Consultants' Services (Individuals and Firms) 7.3 17,476,963 Trainings and Workshops 7.4 54,446,440 16,093,647 Incremental operating cost 7.5 51,486,262 207,468,042 22,394,977 Component 2 - Promoting Enterprises Development & Livelihood (PEDL) 8 Goods (Equipments & Furnitures) 8.01 173,814 Non-Consulting Services 8.02 6,990,400 Consultants' Services (Individuals and Firms) 8.03 590,155,771 Implementation of Enterprise/ Business Development Activities 8.04 395,757,825 Business Development Facilities 8.05 1,017,533,007 Trainings and Workshops 8.06 7,126,673 Livelihood Promotion through Small Business Promotion 8.07 166,878,215 Technical & Vocational Skills Development 8.08 136,692,500 Incremental operating cost 8.09 8,451,761 2,329,759,966 Component 3 - Project Management (PM) 9 Goods (Equipments & Furnitures) 9.1 14,828,173 100,534,678 Non-Consulting Services 9.2 Consultants' Services (Individuals and Firms) 9.3 139,023,832 37,150,283 Trainings and Workshops 9.4 6,037,471 3,583,443 Incremental operating cost 9.5 80,976,782 15,836,066 240,866,258 157,104,470 Surplus/(Deficit) (1,572,457,840) 1,717,580,285 Cash at the beginning of year 1,717,580,285 Less Petty cash in hand 10.2 220,140 Net Surplus/(Deficit) 145,122,445 Balochistan Livelihood & Entrepreneurship Project (BLEP) Statement of Changes in Equity For the Period ended on June 30, 2023 2022-23 2021-22 Rupees Rupees Balance as on 1 July 2022 1,717,580,285 Net Surplus/(Deficit) for the year (1,572,457,840) 1,717,580,285 Balance as on 30 June 2023 145,122,445 1,717,580,285 F ancial Management Specialist BLEP roje, Balor.ti .1eUhm.id i5 EnttP)n:eneurship Project /BLEl Balochistan Livelihood & Entrepreneurship Project (BLEP) Cash Flow Statement For the Period ended on June 30, 2023 2022-23 2021-22 Rupees Rupees Net Surplus/(Deficit) for the year (1,572,457,840) 1,717,580,285 Adjustment for non cash items Add Increase in Liabilities 18,188,891 Net Increase in cash and cash equivalent (1,554,268,949) 1,717,580,285 Cash and cash equivalent at beginning of the year 1,717,580,285 Cash & cash equivalent at the end of the year 163,311,336 1,717,580,285 Heado BLEP BLEP 1.- ead of P?toje, Notes to the Financial Statements For the Period ended on 30th June 2023 1. Reporting Entity These financial statements are for the Balochistan Livelihood & Entrepreneurship Project (BLEP). The financial statements encompasses the reporting entity as defined in the Finance Agreement between the Islamic Republic of Pakistan and the World Bank. The Finance Agreement/Grant Agreement was signed on March 26, 2021 for US$ SO million {$15 million MDTF Grant, $21 million IDA Loan & $14 million IDA Grant). The project became effective from March 26, 2021 for the project life as mentioned in the agreement. The project aims is to promote employment opportunities for rural communities and promote sustainability of enterprises in selected districts of Balochistan. 1.1 Financing The financing is made in the form of Grant based on Standard World Bank terms. The Grant Number No is TFB 2123 from which expenditure has been incurred during FY 2022-23. 1.2 Executing Agency Government of Balochistan, Planning and Development Department through Project Management Implementation Unit (PMIU). 2. Certification by Project Management on Application of Funds The BF.LP project management certifies that the funds have been applied/expenditure have been incurred for the purposes intended in the Grant Agreement. 3. Accounting Convention and Statement of Compliance These Financial Statements have been prepared in accordance with International Public Sector Accounting Standards (IPSAS). The accounting policies have been applied consistently throughout the period. 4. Significant Accounting Policies 4.1 Foreign Currency Transaction Cash receipts and payments arising from transactions in foreign currencies are recorded in Pak Rupee by applying exchange rate to the foreign currency amount, the exchange rate between the Pak Rupee and the Foreign Currency at the date of the receipts and payments. Exchange differences arising on settlement of these transactions are recognized in the Statement of Receipts and Payments. 4.2 Reporting Currency The reporting currency is Pak Rupee!>. 4.3 Revenue Recognition Revenue is recognized on the date of receipt of money by bank or clearance of cheque. Revenue is recognized on gross basis and any related costs are recorded separately. 4.4 Assets Assets are future economic benefits controlled by the project as a result of past transactions or past events. Assets are recorded at cost and currently no depreciation are charged. 4.5 Recognition of Expenditure Expenditure is recognized on the date when payment is made or cheque is issued. Financial year to which the payments pertain is determined by the date on which a cheque or payment advice is issued a) Payments made through Cheque Expenditure is recorded on the date cheque is issued. b) Payments directly in bank accounts Expenditure is recorded on the date the payment advice is issued to bank. c) Imprest Payments Expenditure is recognized when the claim vouchers are submitted and Imprest account is reimbursed. 4.6 Employee Terminal Benefits No servJCe terminal benefits are paid to the contractual employees. 4. 7 Payments by Third Party No third party payment was made. 5. Period of Financial Statements Period of Financial Statements is from July 01, 2022 till 30th June 2023. Notes to the Financial Statements For the Period ended on 30th June 2023 6. External Assistance External assistance was received in the form of Grant from World Bank for purpose of the BELP Project. The following amounts were received by the Project during the period. 2022,n 2021-22 US$ Rupees us$ Rupees Grant from World Bank 4,589,542 1,205,636,426 5,350,862 843,566,605 5,059,596 1,053,513,127 4,589,542 1,205,636,426 10,410,458 1,897,079,732 6.1 This represents funds transferred to BHP Project's Designated US Dollar Bank Account by World Bank on the basis of Withdrawal Applications submitted by the Project. 6.2 l here has been no instance of non compliance with terms and conditions of the Grant agreement between the World Bank and GoP which have resulted in cancellation of Credit. 6.3 Undrawn External Assistance Undrawn Credit at reporting date represent amounts specified in the Financing/Grant agreement between the World Bank and GoP that the World Bank will disburse for BELP project purposes. 2021-22 US$ US$ Total Project Cost as per Agreement 39,589,542 50,000,000 Received till June 30, 2023 4,589,542 10,410,458 Balance amount 35,000,000 39,589,542 7. Component 1- Economic Mobilization (EM) Rupees Rupees 7.1 Goods (Equipment & Furnitures) 10,177,015 0 7.2 Non-Consulting Services 73,881,362 6,301,330 7.3 Consultants' Services ilndividua!s and Firms) 17,476,963 0 7.4 Trainings and Workshops 54,446,440 16,093,647 51,486,262 0 7.5 Incremental operating cost 207,468,042 22,394,977 8. Component 2 - Promoting Enterprises Development & Livelihood (PEDL) Rupees Rupees 173,814 0 8.01 Goods (Equipments & Furnitures) 6,990,400 0 8.02 Non-Consulting Services 590,155,771 0 8.03 Consultants' Services (Individuals and Firms) 395,757,825 0 8.04 Implementation of EntPrprise/ Business Development Activities 1,017,533,007 0 8.05 BusinPss Development Facilities 7,126,673 0 8.06 Trainings and Workshops 166,878,215 0 8.07 livelihood Promotion through Small BusinPss Promotion 136,692,500 0 8.08 Technical & Vocational Skills Development 8,451,761 0 8.09 Incremental operating cost 2,329,759,966 0 9. Component 3 - Project Management (PM) 14,828,173 100,534,678 9.1 Goods (Equipments & Furnitures} 0 0 9.2 Non-Consulting Services 37,150,283 9.3 Consultants' Services (Individuals and Firms) 139,023,832 3,583,443 6,037,471 9.4 Train'ings and Workshops 9.5 Incremental Operating Cost 7,187,817 32,746,763 Remuneration contract staff 509,774 7,111,029 Maintenance & POL Vehicles 17,696 Fuel and Maintenance Generators 373,445 1,692,341 Utilities 117,340 12,722,707 Staff rravel 139,331 5,481,651 Communication 43,490 4,567,359 Office Repair 154,252 Equipment repair 720,000 2,480,000 Security Guards/Company 559,807 1,460,361 Other General 9,215 Newspaper 7,985 Meeting Expenses 186,631 2,493,342 Printing and Stationery 2,465,583 5,811,500 PMIU Blfilding Rent 3,515,152 2,959,626 Miscellaneous (Operational) 1,278,651 Support/Upgrade Web DB & Project MIS/ABA 157,104,470 240,866,258 10. Current Assets 0 10.1 Cash in Hand 163,311,336 10.2 cash at Revolving Fund Account at National Bank of Pakistan, Quetta 163,311,336 These financial statements have been authorhed for ·Issue by Head of Project, Balochistan Livelihood & Entrepreneurship Project {BLEP) on August 10, 2023. 12. General Figures have been rounded off to the nearest Rupee. t: Balochistan Livelihood & Entrepreneurship Project (BLEP) WITHDRAWAL APPLICATION SCHEDULE For the Year Ended June 30, 2023 Grant Agreement No. TFB-2123-PK Amount Claimed Amount Replenished Difference evolving Fund Title of Revolving Fund Withdrawal Account No. Account No. Application No. US-$ Equivalent PKR US-$ Equivalent PKR us-$ Equivalent PKR Date of Receipt Remarks Balochistan Livelihoods & Entrepreneurship Project 01-BLEP-TFB2123-PK 5,350,862 843,566,605 5,350,862 843,566,605 - - 06.08.2021 4173171916 (BLEP) Only for MDTF Grant - 06-BLEP-TFB2123-PK 5,059,596 1,053,513,127 5,059,596 1,053,513,127 - 27.06.2022 TFB-2123-PK 09-BLEP-TFB2123-PK 4,589,542 1,205,636,426 4,589,542 1,205,636,426 01.02.2023 15,000,000 3,102,716,158 15,000,000 3,102,716,158 :,~ :,,111-~ p:--:.1~·",'.T'i-"T'.f Proje,r; ~ f t u . LJ.vellte]~,ti t;" Enttepr-eneurzhip P1l1ject I Balochistan Livelihood & Entrepreneurship Project (BLEP) DESIGNATED US DOLLAR ACCOUNTS STATEMENT For the Year Ended June 30, 2023 Grant Agreement No. TFB-2123-PK Account No. 4173171916 Depository Bank National Bank of Pakistan Address: Main Branch, Jinnah Road, Quetta Currency US Dollars Opening Balance July 01, 2022 9,270,471 World Bank advances during the period 4,589,542 Total 13,860,013 Deduction: Expenditures during the period 13,238,330 Closing balance 621,683 Closing balance as per bank statement as on 30-06-2023 621,683 Difference 0 Detail of difference attached a) Un-present cheques b) Closing balance petty Cash on 30.06.2023 Total (a- b} Difference adjusted 0 D111t. lltt7tt1• ___ _ CUmtqt Aceount No; 1 ◄173171t1fl I I -1 I I Ac,,,...,, 11tte, I llusi,,•nl Adthu: , 8AlUCIIISTM UVIIJlfOOD ENTl!RPRENUltRSHIP PROJICT IIOTF GRANT HO \'f'8.2tUPK _ _ _ _ _ _ _____ .,._.:..;:........., . . ~TYPVNO. --wo,n.a..,- TRENCH3 IW!lllWI\Z--.l'IIOJRfOlllll:'IOIII Umt1, -Ila~- l11aLflU2 1$7118 to4.4t ,_ ........... .. flUnt l)fSC,O,DI) 1 u, oce.,11.02 02.(16.21 159005 t107U.19 i.tf717lA uum ss•niuaa , ,... - ..,.02 15n54 f J:11,17 L1111)l1,3t 212.ttJI HI 000-00 110 - ..1.01 157!lil 1S73'1 1$7HO 1.'11... 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