AUDIT




GT attaches great importance to both internal and external audits. It requires its partners to get their accounts externally audited, particularly those that have been provided with scaling up funds for their operations. In 2008, the Hasnabad branch of South Asia Research Society (SARS) of India and one of the BOO projects of Grameen Trust; Kosovo Grameen Mission Arcobaleno Microcredit Fund (KGMAMF) in Kosovo have been audited by GT and local audit firm.

Grameen Trust requires its partners to get their accounts externally audited, particularly those that have been provided with scaling up funds for their operations.

In 2008, an external audit of the Hasnabad branch of South Asia Research Society has been conducted by an experienced Grameen staff. The audit team found that the Grameen accounting system was not followed properly in this branch. Moreover, the yearly and half-yearly closing of this branch was also not done. The audit team recommended following the Grameen methodology in all respects in order to maintain repayment rate at satisfactory level.

Kosovo Grameen Mission Arcobaleno Microcredit Fund has also been externally audited by Grant Thornton in 2008. Grant Thornton audited the Balance Sheet, the Statement of income, Statement of changes in equity and Statement of cash flows for the year and the accounting policies of KGMAMF. The Audit firm found the financial statements of the KGMAMF project well prepared and maintained.