The Secretariat shall have its annual financial statements audited by independent auditors in accordance with the generally accepted international auditing standards. These audited financial statements shall include GO-PEM-PAL activities, and separately present income, expenditures, assets and liabilities related to GO-PEM-PAL in a clear and transparent way (for example, by way of note or supporting schedule or statement).
The annual audited financial statements of the Secretariat shall be presented to the SC no later than six months after the end of the Secretariat’s fiscal year.
The Secretariat shall ensure that all accounting records and documents evidencing expenses related to the activities funded by GO-PEM-PAL budget are retained until at least five years from the end of the specific fiscal year. These records shall be put at the SC’s or sponsor’s disposal at any time when requested during an audit of GO-PEM-PAL funds.