We have audited the accompanying balance sheet the
related statements of income and expenditure account and cash flows
for the year then ended of the Center for the study of democracy as
of 31 December 1999.
Respective responsibilities of directors and
The organization's management is responsible for the
preparation of the financial statements. It is our responsibility
to form an independent opinion, based on our audit, on those
statements and to report our opinion to you.
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 1999, and the excess of income over
expenditure in accordance with International Accounting
18 February 2000
KPMG Bulgaria OOD 13
Slavyanska S.tr. 1000 Sofia