text: equipment tofieldoffices should bestrengthened tominimize financial lossesto theorganization andtoimprove follow-up action bytheAdministration regarding thedelivery ofsupplies andequipment toproject sites. -6-24.The always be latesubm 25.The andequip 26.Fina andstate latertha 27.The Administr oftheFu Boardon 28.The financial 29.Ing inourre further i 30.The andassis theirsta24.TheAdministration mentioned thatitssubmissions totheinsurance company had always beenprocessed intime,however, occasionally delaysoccurred duetothe latesubmission ofthereports fromtheconsignee. 25.TheBoardreiterated itsrecommendation thatmonitoring procedures onsupplies andequipment tothefieldoffices should bestrengthened further. Financial accounts andstatements 26.Financial rules411.6and111.4(a)require thatcertified financial accounts andstatements oftheFundshallbesubmitted totheBoardofAuditors andthatnot laterthan31Marchfollowing theendofthatcalendar year. 27.Therequirement ofthefinancial rulesquoted abovewasnotmetbythe Administration and.inthisregardthecertified financial accounts andstatements oftheFundfortheyearended31December 1984wereofficially submitted tothe Boardon10June1985,adelayofovertwomonths. 28.TheBoarddrewtheattention oftheAdministration totherequirements ofthe financial rulesquoted aboveonthesubject. Comments onmatters dealtwithinthereportfor1983 29.Ingeneral theAdministration tooksatisfactory actiononmatters dealtwith inourreportfor19831/andwehaveprovided inthisreportcasesthatrequire further improvements. - Acknowledgement 30.TheBoardofAuditors wishestoexpress itsappreciation fortheco-op.?ration andassistance extended bvtheExecutive Director, hisofficers andmembers of theirstaff. (Signed) R.T.NELSON Auditor General ofGhana (Sioned) A.DEFOY SeniorPresident oftheCourt ofAccounts ofBelgium (Signed) FRANCISCO S.TANTUICO, Jr. Chairman, Commission onAudit, ThePhilippines -7-• III.OBSERVATIONS OFTHEEXECUTIVE DIRECTOR OFUNIDOONTHE COMMENTS ANDRECOMMENDATIONS OFTHEBOARDOFAUDITORS 1.Theobservations oftheExecutive Director onthepointsraised bythe Auditors aregiveninthefollowing paragraphs andareintended tosupplement the viewsoftheAdministration, asalready contained intheAuditor's report, by providing further information orclarification wherethisappears appropriate. For convenience, therelevant paragraph numbers ofthereportoftheBoardofAuditors areshownalongside theheadings oftheExecutive 'Director's observations. Cashmanagement: investment offunds(audit, paras. 8-13) 2.Weagreethatanimprovement inthedocumentation ofprocedures andguidelines forspecific investment policies forUNIDFisdesirable inthelightofthe steadily increasing volumeoffundsavailable forinvestment. Itisenvisaged to convene meetings oftheInvestment Advisory Boardonamoreregular basisinorder toensureefficient investment offunds. Asrecommended inparagraph 13ofthe report, inaddition totheinformation already provided, acolumnonactual interest earned hasbeenincluded inthemonthly investment report, withtheaimof maximizing returns onthecashbalances oftheFund. Project ~~tivities: project bUdgetary procedures andproject planning (audit, paras. 14-17) 3.Asmentioned bytheAuditors, therephasing instructions issuedfor1985 stresstheneedforarealistic project budgetphasing. Acomputerized systemis beingdeveloped whereby acomputer print-out ofprojects underimplementation will automatically flagcaseswheretheagreedtimetables forimplementation arenot beingmet.Insuchcases,projects thathavebeendelayed willbereviewed anda decision maderegarding appropriate action. Project activities: project management system(audit, paras.18-20) 4.TheAuditors highlight somedeficiencies encountered inproject implementation. Theproblems related todelaysintherecruitment ofexperts are oftenbeyondthepowerofUNIDOtoresolve. Projects intheindustry sectoroften require highlyspecialized experts whoaredifficult tolocateandmaynotbe
analysis: This text appears to be a report from the Board of Auditors of a United Nations organization, UNIDO (United Nations Industrial Development Organization), evaluating the financial management and operations of the organization. The report highlights issues with cash management, project budgeting, and project implementation, and provides recommendations for improvement. The text also mentions the organization's investment policies and procedures. Given the focus on financial management, project implementation, and organizational operations, it is likely that the report is related to the administration and management of a development organization.