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Audit Statement June 4, 2008 Board of Directors
Ref: Auditor’s Report on Visions in Action We have audited the balance sheet and its related statements of income and cash flows of Visions in Action for the year ended December 31, 2006. The preparation of these financial statements and the maintenance of financial records are the responsibility of the management of Visions in Action. Our responsibility is to express an opinion on the financial statements based on our audit.
Our audit was conducted in accordance with Auditing and Accounting Standards promulgated by the International Federation of Accountants. The 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 amount 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. Additionally, we took into consideration the policies of the organization. We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the balance sheet and its related statements of Income and Cash Flows present fairly the financial position of Visions in Action for the year ended December 31, 2006 and the results of its operation for the year then ended. The funds disbursed in 2006 were noted to be in accordance with project policies. The cash balance at December 31, 2006 is US$645,945.00. The Balance Sheet and its related statements of Income and Cash Flows were prepared in accordance with Generally Accepted Accounting Principles promulgated by the International Federation of Accountants.
MGI-Monbo & Company |