We have audited the financial statements of the
Center for the Study of Democracy as at 31 December 2000 set out on
pages 1 to 12 in accordance with International Standards on
Auditing. The financial statements have been prepared in conformity
with International Accounting Standards.
Responsibilities of management and
The financial statements have been prepared by, and
are the sole responsibility of the management of the Center for
the Study of Democracy. Our responsibility is to express an
opinion on these financial statements based on our audit.
Basis of opinion
We conducted our audit in accordance with
International Standards on Auditing Those standards require that
we plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material misstatement.
An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and
significant estimates made by the directors, as well as evaluating
the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements give a true
and fair view of the state of affairs of the Center for the Study
of Democracy as at 31 December 2000, and the excess of revenue over
expenditure in accordance with International Accounting Standards.
Without qualifying our opinion we draw attention to note 1 (e) and
note 11 to the financial statements. As at 31 December 2000 the
Center for the Study of Democracy has reported investments which
are carried at a cost. The financial statements of the subsidiaries
are not consolidated because of the management intention to attract
new investors for the purpose of sale of these investments. There
is no information presented for the activities of the subsidiaries
in order to disclose their assets and financial results in the
4 April 2000
13 Slavyanska Str.