The external audit conclusion and financial reprots on the financial assets of the Armenian young lawyers association for 2010

 

A P P R O V E D

________________P. GEVORGYAN

MANAGING PARTNER

BAKER TILLY ARMENIA  CJSC

 

         License for realization of Audit activities No ²Ì 054,

                       provided by the RA Ministry of Finance and Economy

 

INDEPENDENT AUDITOR’S REPORT

             

To General Assembly and Executive Board of                                                        

the “Armenian Young Lawyers Association”

Non-Governmental Organization

 

 

We have audited the accompanying financial statements of the “Armenian Young Lawyers Association” Non-Governmental Organization (hereinafter, the Organization) which comprise the Statement of Financial Position as at December 31, 2010, the Statement of Financial Results, and the Statement of Cash Flows for the year then ended, as well as the summary of the accounting policies and other explanatory notes.

 

Management’s responsibility for the financial statements

Management is responsible for the preparation and fair presentation of the financial statements in accordance with the International Financial Reporting Standards. This responsibility includes development, implementation and maintenance of internal control relevant to the preparation and fair presentation of the financial statements free from material misstatement due to fraud or error, selection and implementation of appropriate accounting policies, as well as preparation of reasonable accounting estimates relevant to present circumstances.

Auditor’s responsibility

 

Our responsibility is to express an opinion of the given financial statements based on the conducted audit. We have carried out the audit according to the International Standards on Auditing. These standards require that we comply with the ethical requirements and plan and perform the audit to obtain reasonable assurance that the financial statements are free from material misstatements.

Audit includes performing procedures to obtain audit evidence about the amounts and disclosures presented in the financial statements. The choice of the procedures depends on the auditor’s judgment, including the assessment of the risks arising from the misstatements in the financial statements whether due to fraud or an error.  In making those risk assessment, the auditor considers the internal control of the Organization over the preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the present circumstances, but not for the purpose of expression of an opinion regarding the effectiveness of the Organization’s internal control.  The audit also includes evaluation of the appropriateness of accounting policies used and the reasonableness of accounting estimates carried out by the management, as well as evaluation of the overall presentation of financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate enough to provide a basis for our audit opinion.

THE AUDITOR’S OPINION ON THE FINANCIAL STATEMENTS

In our opinion, the financial statements give a true and fair view of the “Armenian Young Lawyers Association” NGO’s financial position as at 31 December, 2010, and of its annual financial performance and cash flows for the year then ended. In the “Armenian Young Lawyers Association” NGO the accounting is conducted in accordance with the requirements of the Law “On Accounting” and International Financial Reporting Standards (IFRS).

Auditor

M. Mkrtchyan  ____________

Balance Sheet

 

31 December 2010

                                                                                                                                  AMD ths.

ASSETS	Notes	2010 (audited)		2009 (audited)
Non-Current Assets
Capital Assets	3	42,194		41,805
Intangible Assets	4	59		71
Investments accounted for on the equity basis	5	13		13
Total Non Current Assets		42,266		41,889
Current Assets
Current receivables and prepayments	6	271		630
Cash and cash equivalents	7	30,028		68,396
Total Current Assets		30,299		69,026
BALANCE		72,565		110,915
LIABILITIES
Non-current liabilities
Grants related to Assets	8	42,251		41,874
Total Non-Current Liabilities		42,251		41,874
Current Liabilities
Current accounts payable	9	2,243		1,197
Grants related to income	10	28,071		67,844
Total Current Liabilities		30,314		69,041
BALANCE		72,565		110,915

Karen Zadoyan		Alvard Hovhannisyan
President		Chief Accountant

The presented Financial Statements were approved as of 15.04.2011

 

Statement on Financial Results

01.01.2010-31.12.2010

                                                                                                                                  AMD ths.

	Notes	2010 (audited)		2009 (audited)
Other Operating Income, including		153,278		126,942
Grants		152,913		126,695
Membership fees		365		247
Other Operating Expenses, including	11	(152,963)		(127,143)
Grants		(152,913)		(126,694)
Membership fees	11.1	(50)		(449)
Operating Profit (Loss)		315		(201)
Profit (loss) as regards investments accounted for on an equity basis		–		–
Other non-operating income (loss)	12	(2,197)		4,927
Income (loss) from ordinary activity		(1,882)		4,726

Karen Zadoyan		Alvard Hovhannisyan
President		Chief Accountant