The 2018 Annual Meetings of the African Development Bank Group will be held on May 21-25, 2018 in Busan, Korea. Find out more
The Bank requires that a Terms of Reference (TOR) acceptable to the Bank be prepared for each audit. For different types of audits, the scope of the audit will vary according to the nature of the implementing organization and type of operation being audited. The TOR provides the opportunity for drawing special attention to areas of concern that may not be covered or emphasized under a normal audit, such as compliance with loan covenants; or a special review of procurement documents.
The TOR should always include in the scope of the audit the requirement to give an opinion on any specific items such as compliance with loan covenants. In addition, a Management Letter will always be another requirement.