A U D I T O R S ’ R E P O RT
STATEMENT BY THE CONTROL COMMITTEE OF THE NORDIC DEVELOPMENT FUND ON
Following the audit performed, we note that:
THE AUDIT OF THE ADMINISTRATION AND ACCOUNTS OF THE FUND
• the Fund’s operations during the financial year have been conducted in accordance with the Statutes, and that
To the Nordic Council of Ministers
• the financial statements, which comprise the balance sheet as at 31 December 2011,
In accordance with section 9 of the statutes of the Nordic Development Fund, we have been
and the income statement, statement of changes in equity and statement of cash
appointed to ensure that the operations of the Fund are conducted in accordance with the
flows for the year then ended, and a summary of significant accounting policies
Statutes and to bear responsibility for the audit of the Fund. Having completed our assign-
and other explanatory notes, are prepared in all material respects in accordance
ment for the year 2011, we hereby submit the following report.
with the accounting principles described in the notes to the financial statements.
The financial statements show a loss of EUR 6,934,254, which will be carried
forward to new account.
The Control Committee met during the financial year as well as after the Fund’s financial statements had been prepared, whereupon the necessary control and examination measures
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were performed. The Fund’s Annual Report was examined at a meeting in Helsinki on 1 March
We recommend to the Nordic Council of Ministers that:
2012, at which time we also received the Auditor’s Report submitted on 1 March 2012 by the
• the income statement and the balance sheet be adopted, and
authorised public accountants appointed by the Control Committee.
• the Board of Directors and Managing Director be discharged from liability for the
administration of the Fund’s operations during the accounting period examined
by us.
Helsinki, 1 March 2012
Bill Fransson
Per Bisgaard
Hans Frode Kielland Asmyhr
Tuula Peltonen
Johan Linander Ragnheiður Rikhardsdóttir