The EBA is one of the main business impact organisations for Moldovan and foreign entities aimed at:

• Facilitating domestic and foreign trade;
• Improving business climate through different communication platforms;
• Bolstering foreign investments;
• Promoting business activities between EU and the RM.

The EBA Vision is to enable & drive the full establishment of European business practices and values in Moldova, wishing to promote and contribute to the harmonization of economy of Moldova and the EU.

Activities under the project:

• Training course on impact analysis (ex ante analysis / regulatory impact analysis) conducted during 31 January – 1 February 2024
• Over 50 participant

Implementation period:
25.11.2023 – 1.02.2024

Aim of the project:
To strengthen the capacity and knowledge of civil servants whose activity is related to the elaboration of the regulatory impact analysis as well as raising the awareness of the representatives of central public authorities and the private sector on the importance of creating a legal framework applicable to the principles of entrepreneurial activity.

Delivered by: Mr. Roman LADUS, Expert

Opinion
We have audited the accompanying financial statements of the European Business Association in Moldova (hereinafter the "Association"), which comprise the balance sheet as at 31 December 2024, the statement of income and expenses, the statement of changes in financing sources for the year then ended and notes to the financial statements, including a summary of significant accounting policies.
In our opinion, the accompanying financial statements are prepared, in al material respects, in accordance with the National Accounting Standards (hereinafter "NAS"), the Methodical Indications regarding the Accounting Particularities for Non-Commercial Organisations and the accounting policies described in the Notes to the financial statements.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditor's responsibility for the audit of the financial statements section of our report. We are independent of the Association in accordance with the International Ethics Standards Board for Accountants' Code of Ethics for Professional Accountants (IESBA Code) together with the ethical requirements that are relevant to our audit of the financial statements in the Republic of Moldova, including the law and we have fulfilled our other ethical responsibilities in accordance with these requirements and the lESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Other matters
Our report is intended solely for the information and use of Board of Directors of the European Business Association. To the fullest extent permitted by applicable law, we do not accept and do not assume liability to anyone other than the Association and the Association's Board of directors for our audit, for this report, or for our opinion.

Responsibilities of management for the financial statements
Management is responsible for the preparation and fair presentation of these financial statements in accordance with the National Accounting Standards, the Methodical Indications regarding the Accounting Particularities for Non-Commercial Organisations and the accounting policies described in the Notes to the financial statements, and for such internal control as management determines is necessary to enable the preparation of the financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is responsible for assessing the Association's ability to continue as going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Association or to
cease operations, or has no realistic alternative but to do so. Those charged with governance are responsible for overseeing the Association's financial reporting process.

Auditor's responsibility for the audit of the financial statements
The objectives of our audit are to obtain reasonable assurance about whether the financial statements
as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's
report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with NAS will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken
As part of an audit in accordance with NAS, we exercise professional judgment and maintain
professional scepticism throughout the planning and performance of the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override og internal control
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Association's internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
• Conclude on the appropriateness of management's use of accounting on a going concern basis and determine, based on audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Association's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Association to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned
scope and timing of the audit and significant audit findings, including any significant deficiencies in
internal control that we identify during our audit.

Grant Thornton Audit S.R.L.
Chisinau, Republic of Moldova
16 May 2025