Independent Auditors Report

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Independent Auditors Report

• Years ended December 31, 2002 2001
• Mark Hawkins, Ernst Young

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International Co-operative Alliance Financial
Statements Swiss Francs
Headquarters Geneva, Switzerland Swiss Francs
Regional Office for West Africa (ROWA),
Ouagadougou, Burkina Faso African Financial
Community Franc
Regional Office for Asia and Pacific (ROAP), New
Dehli, India Indian Rupee
Regional Office for East, Southern and Central
Africa (ROESCA), Nairobi, Kenya, US Dollars
Regional Office for the Americas (ROAM), San
Jose, Costa Rica US Dollars
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Unqualified Audit Opinion

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Independent Audit Report

• Introductory paragraph
• Scope paragraph
• Reasonable assurance
• Test basis (samples)
• Assessing significant estimates made by
  management
• Opinion paragraph
• Compliance with IFRS

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Overview of Funds

• Deficits of total funds of CHF1909k had been
  reported in the 3 years 1999-2001.
• This trend was stopped in 2002 with an operating
  surplus of CHF689k.
• Following special contributions of CHF565k, total
  funds of CHF416k at the end of 2002 show a
  positive fund balance for the first time since
  1999.

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Changes in Funds and Reserves
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Operating Surplus
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Recommendation to General Assembly

• The Audit and Control Committee have indicated in
  the Annual Report that they recommend to the
  General Assembly that the audited accounts for
  the years 2001 and 2002 are approved.
• The Independent Auditors support this
  recommendation.