Audit and verify utilisation

verification, Internal Audit, and External Audit — providing continuous oversight of financial management and compliance.

This process illustrates two interconnected governance processes that ensure CAPEX funds are released only after milestone achievement verification and ongoing audit compliance checks. In the Milestone-Based CAPEX Release Mechanism, the process starts when the milestone period ends and the SPV submits evidence of KPI and milestone achievement. An IMA verifies fund utilization and KPI attainment and submits a verification report to the SPMU within the prescribed timeline. The SPMU reviews the findings to determine the eligible release amount. If the findings are satisfactory, the SPMU issues a PRC to the Escrow Bank, which then releases the …