We have audited the financial statements of the
Center for the Study of Democracy as at 31 December 2001 set out on
pages 1 to 13 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.
1. As at 31 December 2001 the Center for the Study
of Democracy has reported investments which are carried at a cost
for the total of BGN 10,006. The financial statements of the
subsidiaries are not consolidated as per requirements of IAS 27
Consolidated Financial Statements and Accounting for Investment in
In our opinion, except for the effect on the financial statements
of the matters referred to paragraph 1, the accompanying financial
statements give a true and fair view of the financial position of
the Center for the Study of Democracy as of 31 December 2001 and
the excess of revenue over expenditure in accordance with
International Accounting Standards adopted by the International
Accounting Standards Board.
2 April 2000
KPMG Bulgaria OOD
13 Slavyanska Str.