Translation from the original Norwegian version
To the Foundation
The Red Cross Nordic United World College
AUDITOR'S REPORT FOR 2004
To the Foundation
The Red Cross Nordic United World College
AUDITOR'S REPORT FOR 2004
We have audited the annual financial statements of the Foundation Red Cross Nordic United World College as of 31 December 2004, showing a profit of NOK 1,233,415. We have also audited the information in the Board of Directors' report concerning the going concern assumption. The financial statements comprise the balance sheet, the statements of income and the accompanying
notes. These financial statements are the responsibility of the Foundation’s Board of Directors
and Managing Director. Our responsibility is to express an opinion on these financial statements and on the other information according to the requirements of the Norwegian Act on Auditing and Auditors.
We conducted our audit in accordance with the Norwegian Act on Auditing and Auditors and generally accepted auditing standards in Norway. Generally accepted auditing 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 management, as well as evaluating the overall financial statement presentation. To the extent required by law and generally accepted auditing standards, an audit also comprises a review of the management of the Foundation’s financial affairs and its accounting and internal control systems. We believe that our audit provides a reasonable basis for our opinion.
In our opinion,
• the financial statements are prepared in accordance with the law and regulations and present the financial position of the Foundation as of 31 December 2004, and the results of its operations for the year then ended, in accordance with generally accepted accounting principles in Norway
• the Foundation’s management has fulfilled its duty to maintain the Foundation’s accounting process in such a proper and well-arranged manner that the accounting process is in accordance with the law and generally accepted accounting practices in Norway
• the information in the Board of Directors’ report concerning the going concern assumption is consistent with the financial statements and complies with the law and regulations.
Førde, 14 March 2005
Deloitte, Førde
Leif Kilnes
State Authorised Public Accountant (Norway)
notes. These financial statements are the responsibility of the Foundation’s Board of Directors
and Managing Director. Our responsibility is to express an opinion on these financial statements and on the other information according to the requirements of the Norwegian Act on Auditing and Auditors.
We conducted our audit in accordance with the Norwegian Act on Auditing and Auditors and generally accepted auditing standards in Norway. Generally accepted auditing 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 management, as well as evaluating the overall financial statement presentation. To the extent required by law and generally accepted auditing standards, an audit also comprises a review of the management of the Foundation’s financial affairs and its accounting and internal control systems. We believe that our audit provides a reasonable basis for our opinion.
In our opinion,
• the financial statements are prepared in accordance with the law and regulations and present the financial position of the Foundation as of 31 December 2004, and the results of its operations for the year then ended, in accordance with generally accepted accounting principles in Norway
• the Foundation’s management has fulfilled its duty to maintain the Foundation’s accounting process in such a proper and well-arranged manner that the accounting process is in accordance with the law and generally accepted accounting practices in Norway
• the information in the Board of Directors’ report concerning the going concern assumption is consistent with the financial statements and complies with the law and regulations.
Førde, 14 March 2005
Deloitte, Førde
Leif Kilnes
State Authorised Public Accountant (Norway)
