2022 Financial Audit

Financial Audits of Regional Secretariat

of Coral Triangle Initiative Coral Reefs Fisheries and Food Securities

For Financial Year Ended 31 December 2022

Audit of the Financial Statement (Fund Accountability Statement) of the Regional Secretariat of CTI CFF for the period as from 1 January 2022 through 31 December 2022.

OBJECTIVES

The objective of this engagement is to conduct a financial audit of the CTI CFF resources managed by Regional Secretariat of CTI CFF and its program activities as approved for the Year 2022 in accordance with Generally Accepted Auditing Standard. All amounts in the financial audit report is stated in U.S. dollars. The auditors should indicate the exchange rate(s) used in the notes to the financial statement.

AUDIT SCOPE

RS CTI CFF Financial Regulations Article 11.2 The CTI-CFF Executive Director shall submit annual financial statements to the CTI COM and the CTI CSO. The annual financial statements shall show, for the financial year to which they relate:

• a the income and expenditure relating to all funds including donations from CTI Partners, Collaborators, and other source of funds and accounts;
• b the status with regard to budget/appropriations, including: -- the approved budget/appropriations; -- the actual expenditure under or in excess of the approved budget/appropriations; -- any other income; -- the detailed amounts charged against these appropriations and other income;
• c the financial assets and liabilities of the Secretariat;
• d investments, where such investments shall be restricted to securities and other investments issued by financial institutions or Government bodies with current
• ratings, provided by a rating body approved by the Secretariat’s Auditor, indicating
• a strong capacity to pay;
• e Loss of assets and bad debts proposed in accordance with Regulation.
• f Provide such other information as may be appropriate to indicate the financial position of the Secretariat.

In addition, the Financial Regulations Article 14.4 on External Audit requires the scope of audit will include as follows:

• The Auditor shall conduct their examination of the financial statements in conformity
• with generally accepted auditing standards and shall report on all relevant matters, including:
• - Whether, in their opinion, the statements are based on proper accounts and records; - Whether the statements are in agreement with the accounts and the records; - Whether, in their opinion, the income, expenditure and the acquisition and disposal of assets with these Regulations; and
• - Observations with respect to the efficiency and economy of the financial procedures which will include on human resources, procurements, travel management, cash management, general administration and information systems.