Georgian Audit & Consulting Company
In Association with Deloitte & Touche

INDEPENDENT AUDITOR’S REPORT

To the Management of “The United Nations Association of Georgia”

We have audited the accompanying Balance Sheet, Cash Flows and Statement of Funding and Expenditures of ”The United Nations Association of Georgia” as of 31 December 2004, for the year then ended. These financial statements are the responsibility of the Programme management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with International Standards on Auditing. Those Standards require that we plan and perform the audit in order 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. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the financial statements of the Programme present fairly, in all material respects, the financial position of the Association as of December 31, 2004 and the results of its operations for the year then ended, in accordance with International Accounting Standards and requirements of Georgian legislation.

Partner:
T. Partskhaladze

30 May 2005