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Auditors' report to the General Assembly of the Center for the Study of Democracy Scope
 

Scope

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 auditors

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.

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 present report.

4 April 2000

13 Slavyanska Str.
1000 Sofia
Bulgaria

 
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