Annual Report 2010 - AmCham Moldova

FinancialsINDEPENDENT AUDITOR’S REPORTA n n u a lR e p o r t2 0 1 0To the members of the American Chamber of Commercein Moldova1. We have audited the financial statements of the AmericanChamber of Commerce in Moldova (AmCham),which comprise the balance sheet as at 31 December2010, and the income statement, the statement ofchanges in equity and the statement of cash flow forthe financial year that ended.The responsibilities of the AmCham management for thefinancial statements2. AmCham management is responsible for keeping andpresenting accurately the financial statements in accordancewith the current National Standards on Accounting.The responsibility implies establishing, implementingand keeping the necessary level of internal controlwhich is important in drawing up and presenting thefinancial statements completely, without any materialmisstatements caused by frauds, errors or omissions,selecting and applying an appropriate accounting policy,making estimations of accounting data adequateto the circumstances.Auditor’s responsibility3. Our responsibility is to express an opinion on these financialstatements, based on our audit. We conductedour audit in accordance with the National Standards onAuditing. These standards require that we respect theethic requirements, plan and perform the audit to obtaina reasonable assurance about whether the financialstatements are free of material misstatements.4. An audit includes examining, on a test basis, evidencesupporting the amounts and disclosures in the financialstatements. The selected procedures depend onthe auditor’s professional judgment, including evaluationof the risk of significant misstatements in the financialreports, caused by frauds, errors or omissions.An audit also includes assessing the accounting principlesused and significant estimates made by AmChammanagement, as well as evaluating the overall financialstatements presentation. We believe that our auditprovides a reasonable basis for our opinion.Auditor’s Opinion5. In our opinion, the financial statements of the Associationpresent fairly, in all material respects, the financialposition of the American Chamber of Commerce inMoldova as of December 31, 2010, in compliance withthe National Standards on Accounting, current legislative,governmental and normative documents, as wellas statutory regulations.The presented financial statements are meant to disclosethe financial position and the results of the Association’soperations and, in our opinion, do not containsignificant errors.Other aspects6. This report is made solely for the AmCham membersas a body. In the same time, the present report is notrestricted to be sent to other recipients, periodicals andother mass-media bodies, with the agreement of theAssociation.„First Audit International”Chişinău, Republic of MoldovaMarch 31, 2011INCOME - EXPENSES Report as ofDecember 31st, 2010All figures in USDYear 2010Opening Balance 7200IncomesFrom Membership 80365From Sponsorship 34741From Donations 21801Total Income 136907ExpensesOffice, Administrative & Personnel 61981Projects 26316Events 36537Publications 3943Total ExpensesClosing Balance12877715330A publication of the American Chamber of Commerce in Moldova47