Annual Financial Report 2006
report
Independent Auditor
To the Board of Directors
To the honorable members of the General Assembly
Basma Society for Culture and Arts
Gaza, Palestine
We have audited the financial center attached to the society (Note1) and the activity statement (Note 2) as of December 31, 2006, and the examination included the society's accounts for 2006, that this financial statements are the responsibility of the Administration and that our responsibility is to make an opinion on them based on our audit.
We have conducted our audit in accordance with generally accepted and accepted auditing rules that require us to plan and complete an audit to obtain reasonable assurance as to whether the financial statements are free of any material error and include a random examination of the supporting documents and disclosure, an assessment of the accounting principles followed, important assessments developed by the Administration, and an assessment of the overall presentation of the financial statements, and we believe that our audit provides a reasonable basis for our judgment.
The society follows the principle of modified accrual to the limitation of receivables and expenses, therefore income is recognized when received and not when accrued and expenses are recognized in the period in which they are incurred.
In our opinion, the attached financial statements fairly reflect in all respects the financial status of the Society as set out on December 31, 2006, in accordance with the established accounting principles and the results of its activities for the financial year, the scope of the examination, as well as the receipts and expenses for the period.
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