Course Outline:

Module 1: Introduction to Donor-Funded Projects and Audit Environment

• Nature and structure of donor-funded projects

• Key stakeholders and governance arrangements

• Overview of common donor requirements (World Bank, USAID, EU, etc.)

• Case Study: Analyzing donor agreements and identifying audit touchpoints

Module 2: Audit Planning and Risk Assessment

• Developing audit strategies for projects

• Understanding internal control frameworks

• Identifying and assessing risks specific to donor-funded activities

• STP Application: Segment risk levels by project type; Target high-risk areas; Position audits for optimal control testing

• Practical Exercise: Risk assessment matrix for a health-sector donor project

Module 3: Auditing Financial Statements and Compliance

• Reviewing project financial records

• Testing eligibility and appropriateness of expenditures

• Currency translation, fund flow tracking, and asset verification

• Case Study: Compliance audit of expenditure on procurement and travel

Module 4: Procurement Audits and Value for Money Analysis

• Procurement regulations under donor guidelines

• Assessing procurement processes and bid evaluations

• Cost-effectiveness and value-for-money principles

• STP Application: Segment procurement methods; Target deviations from norms; Position audit findings to improve procurement integrity

• Case Study: Review of procurement cycle in a donor-supported infrastructure project

Module 5: Audit Reporting and Communication with Donors

• Structure and components of audit reports

• Reporting findings and recommendations

• Communicating with donors and stakeholders

• Follow-up audits and implementation of audit recommendations

• Capstone Project: Preparing a sample audit report for a donor-funded education project