We have audited the financial statements of Center for the Study
of Democracy as at 31 December 2002 set out on pages 1 to 19 in accordance
with International Standards on Auditing. The financial statements have
been prepared in conformity with International Accounting Standards.
Basis of opinion
Responsibilities of management and
The financial statements have been prepared by, and are the sole
responsibility of the management of 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 2002 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 Subsidiaries.
In our opinion, except for the effect on the financial statements of the
matters referred to in paragraph 1 the financial statements give a true
and fair view of the financial position of Center for the Study of Democracy
as at 31 December 2002 and the excess of revenue over expenditure in accordance
with the International Accounting Standards adopted by International Accounting
10 March 2003
KPMG Bulgaria OOD
37 Fridtjof Nansen Str