The Government of the Arab Republic of Egypt received a grant from the African Development Bank (acting as administrator for the Korea-Africa Economic Cooperation Trust Fund) and applied part of the agreed amount for this grant to payments under the contract for “External Auditor to Audit the Financial Statements specific to the above project.

1. Language barrier specifically in the understanding of the scope of work and application of IPSAS and government accounting standards.
2. Integrating accrual accounting to government cash based accounting systems.
3. Gathering the requisite Audit evidence took too long and potentially delayed our “Phase 1” deliverables.

1.  Reviewed and assessed the Government of Egypt’s Finance & Administrative Functions under the VICMED project AFDB financing agreement;
2. Reviewed and analyzed construction deliverables under the VICMED Contract;
3. Used the expertise of Construction, Chemical & Gas Engineers to conduct an assessment onto whether the quantity and quality of materials tested adhered to contract standards;
4. Leveraged on IT and Data Analytics software to interpret the validity of data specifically to interpret time attendance sheets records and material interpretation.

1.  The Audit was completed within the budgeted timeframe without any associated cost escalations;
2. Our Audit approach took heavy reliance on IT Platforms therefore increasing the quality of output on our confidential management letter(s) and Audit findings.

Project Management Unit
Nile Water Sector
Attn.: Head of the Nile Water Sector
Nasr City – 9 El-Mokhaeim El-Daem Str. – Neighborhood No. 6 – Postal Code: 11471
Tel.: +202-2261-1168, +202-2261-1197
E-mail : Nader@nws.gov.eg