Publications: About ISAAA
Financial Statement
Independent Auditor's Report March
20, 1997 To
the Board of Directors We have audited the accompanying statements of financial position of the International Service for the Acquisition of Agri-Biotech Applications, Inc. (ISAAA) (a nonprofit organization) as of December 31, 1996, and the related statements of activities, functional expenses and cash flows for the year then ended. These financial statements are the responsibility of ISAAA's management. Our responsibility is to express an opinion on these financial statements based on our audit. The financial statements of ISAAA as of December 31, 1995, were audited by other auditors whose report dated February 23, 1996 expressed an unqualified opinion on those statements. We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. 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 referred to above present fairly,
in all material respects, the financial position of ISAAA as of December
31, 1996, and the changes in its net assets and its cash flows for
the year then ended, in conformity with generally accepted accounting
principles. Certified Public Accountants
International Service for the Acquisition of Agri-biotech Applications STATEMENT OF FINANCIAL POSITION December. 1996 ASSETS
LIABILITIES AND NET ASSETS Current Liabilities:
Net Assets:
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