Simplified annual report of European Center for Not-for-Profit Law's /"ECNL"/ as at 31 December 2003.
I have audited the accompanying of the ECNL's the simplified annual report for the year 2003.Balance Sheet, Profit and Loss Statement and Supplementary Annex as at 31 December The Balance Sheet total amounts to THUF 3.546 and the profit according to the balance Sheet is THUF 226.
The Annual Report is the responsibility of the Company's management. The task of the auditor is to attest the Balance Sheet, Profit and Loss Statement and Supplementary Annex on the basis of the audit.
The purpose of the audit is to express an opinion whether the simplified annual report prepared by ECNL was compiled in compliance with the prescriptions of the Act on Accounting and accordingly whether it provides a true and fair view of the equity and financial position and results of operation of ECNL.
I conducted my audit in accordance with International Standards on Auditing and the applicable laws and regulation in force in Hungary. Those standards require that I plan and perform the audit to obtain reasonable assurance about whether the report is free of material misstatements.
The audit's subject is to review the accounting records based on sampling, from which the annual report's actual data have been extracted. Beside these also includes the valuation of the accounting principles and the consistent application of the prescriptions. For the tax liabilities of the company I didn't carry out an itemized review of observance of the tax laws and the accuracy of the tax statements.
I believe that my audit provides a reasonable basis for issuing the attestation clause:
"The simplified annual report was compiled in accordance with the prescriptions included in the Act on Accounting and the general accounting principles. The annual report provides a fair and true view of the equity, financial position and results of operation of the Company."
Budapest, 9th of March 2004.
Chamber registration no.:003159