Godišnji izveštaj za 2005. godinu - Beogradska berza

e-mail: office@ief.co.yu WWW.IEF.CO.YUIEF 11000 Belgrade, Knez Mihailova 7/II; phone 2633-551 fax 2625-878INDEPENDENT AUDITOR’S REPORTTo the Shareholders and Board of DirectorsBELGRADE STOCK EXCHANGE, BELGRADEOmladinskih brigada 111000 BelgradeWe have audited the accompanying balance sheet of the Belgrade Stock Exchange, Belgradeas of December 31, 2005, and the related statements of income and cash flows andchanges in equity for the year then ended. These financial statements are the responsibilityof the Company’s management. Our responsibility is to express an opinion on thesefinancial statements based on our audit.We conducted our audit in accordance with the International Financial Reporting Standards,International auditing standards and SCG regulations on accounting and auditing. ThoseStandards require that we plan and perform the audit to obtain reasonable assurance aboutwhether the financial statements are free of material misstatements. An audit includesexamining, on a test basis, evidence supporting the amounts and disclosures in the financialstatements. An audit also includes assessing the accounting principles used and significantestimates made by management, as well as evaluating the overall financial statementspresentation. 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 financial position ofthe Belgrade Stock Exchange, Belgrade as of December 31, 2005, and of the result of itsoperations and its cash flows for the year then ended in accordance with InternationalFinancial Reporting Standards and SCG regulations on accounting.Belgrade, March 1 st 2006Authorized AuditorStanimirka Svievi