REPUBLIC OF TURKEYPRIME MINISTRY
Undersecretariat of Treasury
INDEPENDENT AUDITOR'S REPORT
On
Partnership for Market Readiness
Implemented by
MINISTRY OF ENVIRONMENT AND URBANISATIONDepartment Of Climate Changes
AndFinanced Under
World Bank Grant Agreement numbered TF-0 15591 (PMR-2)
As of December 31, 2015 and For The Year Then Ended
Report Number
248/2-11/3
Prepared by:
R. Billent DEMIRBAG Belgim ERGUN
Senior Treasury Controller Junior Treasury Controller
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TABLE OF CONTENTS
1. EXECUTIVE SUMMARY
2. FINANCIAL STATEMENTS OF THE PROJECT
2.1. Independent Auditor's Report
2.2. Statement of Sources and Uses of Funds
2.3. Statement of Cumulative Investments
2.4. Statement of Requests for Reimbursement (SOE Statement)
2.5 Statement of Special Account
2.6 Notes to the Project Financial Statements
2.6.1. Objectives and Nature of the Project
2.6.2. Main Accounting Policies
2.6.3. Financial Declarations
2.6.4. Grant Agreement
2.6.5. Cash Availability At December 31 December, 2015
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REPUBLIC OF TURKEYPRIME MINISTRY
Undersecretariat of Treasury
EXECUTIVE SUMMARY
A. Project Summary
The Grant Agreement of Partnership for Market Readiness (Implementation Phase)Project was signed between Republic of Turkey and World Bank on December 17, 2013.
Grants from the Partnership for Market Readiness (PMR) will be made available to animplementing Country Participant for to support activities in the Preparation Phase andImplementation Phase. The PMR programme aims to provide technical and financial supportfor the countries to ensure using of carbon market preparation mechanisms and application ofmarket mechanisms at national level. The project is in the Implementation Phase.
The objective of the Grant is to assist the Republic of Turkey to implement itsgreenhouse gas Monitoring, Reporting, and Verification (MRV) pilot in the electricity sector,based on Turkey's MRV regulation, and to provide analytical information for theestablishment of a carbon market in Turkey. The Grant Activities for the Implementation Phaseconsist of the following Parts:
Part 1: Piloting the use of the MRV procedures within the electricity sector, and withother willing companies and stakeholders (such as accreditation bodies and verifiers) in othersectors including preparation of monitoring plans for the electricity sector, collection of data bythe volunteering installations, and reporting and verification of such data, to identify potential
problems in a timely fashion.
Part 2: Conducting analytical studies to inform decision making on the use of marketbased instrument(s) (MBI), including, inter alia,(i) a study on use of an emission tradingscheme for the electricity sector; (ii) a study on selection of MBIs and modeling for sectorscovered and not covered by the MRV regulation; (iii) a study on Greenhouse Gas (GHG)market modeling for selected sectors covered and not covered by the MRV regulation; and(iv) a synthesis report of the above mentioned studies for consideration by the CBCC andpolicy makers.
Part 3: Carrying out stakeholder training, consultation/engagement and publicawareness activities, including,, (i) conferences and workshops to support the activities underParts 1 and 2; (ii) consultation meetings with stakeholders; and (iii) public awarenessactivities (media, high level public/private meetings, etc.).
Part 4: Establishment of the project management unit to coordinate and supportimplementation of MRV and MBI activities.
The Partnership Assembly has decided to allocate the Preparation Phase instalment inthe amount of US$3.000.000 to the Republic of Turkey ("Recipient"). Under the GrantAgreement in our audit period, in 2015, US$284.005,38 is spent of the respective amount. Asof December, 2015 the amount of US$372.663,23 is used totally in the scope of the project.
The Implementation Phase shall cover the period starting from signature of thisAgreement and its closing date is determined as of 30 June 2017.
B. Audit Objective
The objectives of our audit are;
a) To give an opinion on whether the financial statements, prepared as of December31, 2015 and for the period then ended, present fairly, in all material respects, the financialposition of the project in accordance with the cash receipts and disbursements basis ofaccounting,
b) To determine, as of December 31, 2015, whether the Ministry of Environment AndUrbanisation, Department of Climate Changes has complied, in all material respects, with therules and procedures of the Grant Agreement numbered TF-015591,
c) To examine whether adequate supporting documentation has been maintained tosupport claims to the World Bank for reimbursements of expenditures incurred with respect toSOEs and evaluate eligibility of these expenditures for financing under the Grant Agreement.
C. Scope of Audit
We have performed an audit of financial statements of Partnership for MarketReadiness as of December 31, 2015 and for the period then ended in accordance with the cashreceipts and disbursements basis of accounting. We have also performed a compliance auditon whether project activities are in line with the Grant Agreement.
Our audit was conducted in accordance with International Standards on Auditingpublished by International Federation of Accountants (IFAC) applicable to the audit offinancial statements and compliance auditing.
There was no limitation in our scope for the Projects audit.
D. Audit Results
For the financial statements of project; our audit resulted with an unqualified opinion.
As of December 31, 2015, Ministry of Environment and Urbanisation, Department ofClimate Changes has complied, in all material respects, with the rules and procedures of theGrant Agreement numbered TF-0 15591.
In addition, with respect to SOEs, adequate supporting documentation has beenmaintained to support claims to the World Bank for reimbursements of expenditures incurred;and which expenditures are eligible for financing under the Grant Agreement numbered TF-015591.
E. Management Recommendations
A management letter, dated June 15, 2016, to the attention of the Ministry ofEnvironment and Urbanization, Department of Climate Changes was issued separately from thisreport. The objective of this Management Letter is to enable the auditors to communicateappropriately to those charged with governance and management deficiencies in internal controlthat the auditors have identified during the audit and that, in the auditors' professional judgment,are of sufficient importance to merit their respective attentions. For this purpose, ourrecommendations are attached to the Letter.
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REPUBLIC OF TURKEYPRIME MINISTRY
Undersecretariat of Treasury
INDEPENDENT AUDITOR'S REPORT
TO MINISTRY OF ENVIRONMENT AND URBANIZATION,Department Of Climate Changes, ANKARA
We have audited the accompanying Statement of Sources and Uses of Funds,Statement of Cumulative Investments, Statement of Requests for Reimbursement (SOEStatement) and Statement of Special Account of the Partnership for Market Readiness as ofDecember 31, 2015, and for the period then ended, and a summary of significant accountingpolicies and other explanatory information. The financial statements have been prepared byMinistry of Environment and Urbanisation, Department of Climate Changes based on relevantprovisions of the Grant Agreement numbered TF-015591.
Management's Responsibility for the Financial Statements
Ministry of Environment and Urbanisation, Department of Climate Changes isresponsible for the preparation and fair presentation of these financial statements inaccordance with the relevant provisions of the Grant Agreement numbered TF-015591, andfor such internal control as management determines is necessary to enable the preparation offinancial statements that are free from material misstatement, whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on these financial statements based on ouraudit, and to determine whether Ministry of Environment and Urbanisation, Department ofClimate Changes has complied with, in all material respects, the requirements of the GrantAgreement numbered TF-015591. We conducted our audit in accordance with InternationalStandards on Auditing. Those standards require that we comply with ethical requirements andplan and perform the audit to obtain reasonable assurance about whether the financialstatements are free from material misstatement and whether Ministry of Environment andUrbanisation, Department of Climate Changes has complied with, in all material respects, therequirements of the Grant Agreement numbered TF-015591.
An audit involves performing procedures to obtain audit evidence about the amountsand disclosures in financial statements. The procedures selected depend on the auditor'sjudgment, including the assessment of the risks of material misstatement of the financialstatements, whether due to fraud or error. In making those risk assessments, the auditorconsiders internal control relevant to the entity's preparation and fair presentation of thefinancial statements in order to design audit procedures that are appropriate in thecircumstances, but not for the purpose of expressing an opinion on the effectiveness of theentity's internal control. An audit also includes evaluating the appropriateness of accountingpolicies used and the reasonableness of accounting estimates made by management, as well asevaluating the overall presentation of the consolidated financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion.
Opinion
In our opinion:
a) The Accompanying Statement of Sources and Uses of Funds, Statement ofCumulative Investments, Statement of Requests for Reimbursement (SOE Statement) andStatement of Special Account present fairly, in all material respects, the financial position ofthe Partnership for Market Readiness (PMR-2) accounting policies and as of December 31,2015, and for the period then ended in accordance with the provisions of the Grant Agreementnumbered TF-015591.
b) Ministry of Environment and Urbanization, Department of Climate Changes as ofDecember 31, 2015 has complied with, in all material respects, the requirements of the Grant
Agreement numbered TF-0 15591.
c) With respect to SOEs, adequate supporting documentation has been maintained tosupport claims to the World Bank for reimbursements of expenditures incurred; and theseexpenditures are eligible for financing under the Grant Agreement numbered TF-015591.
Basis of Accounting and Restriction on Distribution and Use
Without modifying our opinion, we draw attention to Note II to the financialstatements which describe the basis of accounting. The financial statements are prepared toassist Ministry of Environment and Urbanization, Department of Climate Changes to complywith the financial reporting provisions of the Grant Agreement numbered TF-015591. As aresult, the financial statements may not be suitable for another purpose. Our report is intendedsolely for World Bank, Undersecretariat of Treasury, and Ministry of Environment andUrbanization, Department of Climate Changes, and should not be distributed or used by otherpart s.
A. UrnSUC,Acting Chairman of Board of Treasury Controllers
li QALI KAN(Audit Partner
ce-Cliairman
R B - n MIRBAO Bel9imERGUNSeni reasury Controller Junior Treasury Controller
Date: June 15, 2016Address: Republic of Turkey Prime MinistryUndersecretariat of Treasury,The Board of Treasury ControllersEme Ankara, TURKEY
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MINISTRY OF ENVIRONMENT AND URBANIZATION
General Directorate of Environmental Management
Grant Agreement for Market Readiness Proposal Partnership for Market Readiness
(implementation Fund/2.Phase)Grant/Project No: TF015591
STATEMENT OF REQUESTS FOR DISBURSEMENT (SOE STATEMENT)
For The Year Ended on December 31, 2016 (in US Dollars)
I- REQUESTS REIMBURSED Disbursement Ca gories -- 7 1
Appl. Date Appl. No. I - consulting -i_-operating Total Amount Date of
Services Cost Paid Payment
30.01.2016 MRV-3 59.022,66 0,00 59.022,66 59.022,66 13.02.2015
27.05.2015 MRV-4 57.348,26 0,00 57.348,26 57.348,26 10.06.2015
13.11,2015 MRV-5 93.677,27 3,305,72 96.982,99 96 982,99 30.11.2015
Sub total 210.048,19 3.305,721 213.353,91, -21 3.353,91
Disbursement Categories
213,353,91
11- REQUESTS PENDING REIMBURSEMENT
Appl. Date Appl. No. I-Consulting 2-Operating Amount Date of
Services Cost : -Total Paid Payment
0,00 0,00 0,00 0,00 0,00
Sub total
III- TOTAL AMOUNT REQUESTEDI- Consulting 2- Operating Total Amount
Services Cost Paid
210.048,19 3.305,72 213.363,91
J-_
NOTES: No withdrawal request was made n the form of SOE during the year.
Tu§ba i(;MEL Mehrall ECER
Branch aina r Head of Department
MINISTRY OF ENVIRONMENT AND URBANIZATIONGeneral Directorate of Environmental Management
Grant Agreement for Market Readiness Proposal Partnership for Market Readiness
(Implementation Fundl2.Phase)Grant/Project No: TF015591
SPECIAL ACCOUNT STATEMENTACCOUNT NO AT CENTRAL BANK: 94 07 01 023
For the Year Ended December 31, 2015 (in US Dollars)f 240.977,34Openig Baance213.353,91
Reimbrsemnts o SA0,00a) Advance 213.35391b) SOE Procedure 0133 009c) Summa Sheet0,00
Refunds to Special Account 0,00
Available Funds 454.331,25
Payments Made for Expenditures 284.005,38
Service charges for the account 0,00
otal Project Investments 284.005,38
Closing Balance 170.325,87
Tu§ba iqMELI Mehrali ECER
Branch Man e Head of Department
MINISTRY OF ENVIRONMENT AND URBANIZATION
General Directorate of Environmental Management
Grant Agreement for Market Readiness Proposal Partnership for Market Readiness
(Implementation Fund/2.Phase)(Grant/Project No: TF015591)
NOTES TO THE PROJECT FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31,2015
1. OBJECTIVES AND NATURE OF THE PROJECT
The objective of the Grant is to assist the Recipient to implement its greenhouse gas
Monitoring, Reporting, and Verification (MRV) pilot in the electricity sector, based on
Turkey's MRV regulation, and to provide analytical information for the establishment of a
carbon market in Turkey.
The Grant Activities consist of the following Parts:
Part 1: Piloting the use of the MRV procedures within the electricity sector, and with other
willing companies and stakeholders (such as accreditation bodies and verifiers) in other
sectors including preparation of monitoring plans for the electricity sector, collection of data
by the volunteering installations, and reporting and verification of such data, to identify
potential problems in a timely fashion.
Part 2: Conducting analytical studies to inform decision making on the use of market
based instrument(s) (MBI), including, inter alia,(i) a study on use of an emission trading
scheme for the electricity sector; (ii) a study on selection of MBIs and modeling for
sectors covered and not covered by the MRV regulation; (iii) a study on Greenhouse Gas
(GHG) market modeling for selected sectors covered and not covered by the MRV
regulation; and (iv) a synthesis report of the above mentioned studies for consideration by
the CBCC and policy makers.
Part 3: Carrying out stakeholder training, consultation/engagement and public awareness
activities, including,, (i) conferences and workshops to support the activities under Parts 1
and 2; (ii) consultation meetings with stakeholders; and (iii) public awareness activities
(media, high level public/private meetings, etc.).
Part 4: Establishment of the project management unit to coordinate and support
implementation of MRV and MBI activities.
The International Bank for Reconstruction and Development ("World Bank"), acting as
administrator of grant funds provided by contributors ("Contributors") under the
Partnership for Market Readiness Multi-Donor Trust Fund, has agreed to provide a grant
amounting to three hundred and fifty thousand (3.000.000) United States Dollars.
The Closing Date of the Project shall be 31 June 2017.
Project is structured under General Directorate of Environmental Management Department
of Climate Change and it is conducted through below mentioned
officials with coordination of Head of Depaam entC krali ECE~ub ;tAu LI
No Title Number of Employment TypeI personnel Civil Servant
1 Head of Division 1 Civil Servant2 Environment and Urbanization 2 Civil Servant
Expert3 Project Technical Coordinator 1 Individual Consultant (Service Contract)
4 Project Assistant 1 Individual Consultant (Service Contract)5 Procurement Specialist I Individual Consultant (Service Contract)
6 Financial Management and I Individual Consultant (Service Contract)Disbursement Specialist _ ITotal 7
2. MAIN ACCOUNTING POLICIES
a) Project is financed by The International Bank for Reconstruction and Development("World Bank"), acting as administrator of grant funds provided by contributors("Contributors").
b) Payments under the Project are done directly to the enterprises from Special Account.c) Accounts are kept according to "Regulation on accounting and disbursement principles
for Project funds granted by the European Union or International Organizations toPublic Administration" issued by Ministry of Finance on the Official Gazette datedNovember 27, 2007 and Nbr. 26713.
d) All data and records of the Project, related to project activities and disbursements aswell as the relevant documentation are kept in the Office of the Climate ChangeManagement Department.
3. FINANCIAL DECLARATIONS (RESTRICTED USE OF FUNDS AND OTHERASSETS)
Pursuant to the Grant Agreement signed between the Undersecretariat of Treasury andthe World Bank, the funds in the Special Account can only be spent for the achievement ofproject objectives. The funds not disbursed as of project completion will be transferred tothe Undersecretariat of Treasury to be returned to the World Bank in accordance with theprovisions of Grant Agreement.
4. Grant Agreement
Republic of Turkey is not obliged to any repayment in accordance with the GrantAgreement.
5. CASH AVAILABILITY AT DECEMBER 31,2015
Cash available at December 31, 2015, expressed in US dollars, included:Special Loan Account Balance (TCMB) :170.325,87TOTAL :170.325,87
Tugba ICME41 Mebrali ECERBranch Man er Head of Department