Report On The Audit of The Financial Statements

INDEPENDENT AUDITOR’S REPORT

THE BOARD OF TRUSTEES AND MEMBERS

FILLES DU COEUR DE MARIE, INC.
542 Mangga St., Juna Subdivision, Matina, Davao City
Report on the Audit of the Financial Statements

I have audited the financial statements of FILLES DU COEUR DE MARIE, INC.,

which comprise the statements of financial position as at December 31, 2018 and
2017, and the statements of income, statements of changes in equity, statements
of cash flows and statements of application of funds, for the years then ended,
and notes to the financial statements, including a summary of significant
accounting policies.
In my opinion, the accompanying financial statements present fairly, in all

material respects, the financial position of FILLES DU COEUR DE MARIE, INC.
as at December 31, 2018 and 2017, and its financial performance and its cash
flows for the years then ended in accordance with Philippine Financial Reporting
Standard for Small Business.
Basis for Opinion
I conducted my audit in accordance with Philippines Standards of Auditing (PSA).

My responsibilities under those standards are further described in the Auditors’
responsibilities for the Audit of the financial Statements section of my report. I am
independent of the Company in accordance with the ethical requirements that are
relevant to my audit of the financial statements in the Philippines, the Code of
Ethics for Professional Accountants in the Philippines, and I have fulfilled my
other ethical responsibilities in accordance with these requirements. I believe
that the audit evidence I have obtained is sufficient and appropriate to provide a
basis for my opinion.
Responsibilities of Management and Those Charged with Government for the

Financial Statements
Management is responsible for the preparation and fair presentation of the

financial statements in accordance with PFRS, and for such internal control as
management determines is necessary to enable the preparation of 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 Company’s ability to continue as a 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 Company or cease operations,
or has no realistic alternative but to do so.
Those charged with governance are responsible for overseeing the Company’s
financial reporting process.
Auditors’ Responsibilities of the Audit of the Financial Statements
My objectives 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 auditors’ report that includes my opinion. Reasonable
assurance is a high level of assurance, but is not a guarantee that an audit
conducted in accordance with PSA 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 on the basis of these financial
statements.
As part of an audit in accordance with PSA, I exercise professional judgment and

maintain professional skepticism throughout the audit. I 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 of 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
Company’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 the going

concern basis of accounting and, based on the audit evidence obtained,
whether a material uncertainly exists related to events or conditions that
may cast significant doubt on the Company’s ability to continue as a going
concern. If I conclude that a material uncertainty exists, I am required to
draw attention in my auditor’s report to the related disclosures in the
financial statements or, if such disclosures are inadequate, to modify my
opinion. My conclusions are based on the audit evidence obtained up to
the date of my auditor’s report. However, future events or conditions may
cause the Company to cease to continue as a going concern.
I 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 I identify during my audit.
Report on Other Legal and Regulatory Requirements
Supplementary information required under RR 15-2010

My audit was c-UNonducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplementary information on taxes,
duties and other license frees in the financial statements is presented for purposes of
filing with the Bureau of Internal Revenue and is not required part of the basic
financial statements. Such information is the responsibility of management. The
information has been subjected to the audit procedures applied in our audit of the
basic financial statements. In my opinion, the information is fairly stated in all
material respects in relation to the statements taken as a whole.
DANIELLA BEIGE S. DAGOHOY, CPA

GOLDEN CLOSET AUDITING FIRM
Davao City, Philippines
January 24, 2019

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INDEPENDENT AUDITOR’S REPORT

THE BOARD OF TRUSTEES AND MEMBERS

Report on the Audit of the Financial Statements

I have audited the financial statements of FILLES DU COEUR DE MARIE, INC.,

In my opinion, the accompanying financial statements present fairly, in all

Basis for Opinion

I conducted my audit in accordance with Philippines Standards of Auditing (PSA).

Responsibilities of Management and Those Charged with Government for the

Management is responsible for the preparation and fair presentation of the

In preparing the financial statements , management is responsible for assessing

Auditors’ Responsibilities of the Audit of the Financial Statements

My objectives are to obtain reasonable assurance about whether the financial

As part of an audit in accordance with PSA, I exercise professional judgment and

 Identify and assess the risks of material misstatement of the financial

 Obtain an understanding of internal control relevant to the audit in order to

 Evaluate the appropriateness of accounting policies used and the

 Conclude on the appropriateness of management’s use of the going

Supplementary information required under RR 15-2010

DANIELLA BEIGE S. DAGOHOY, CPA

Davao City, Philippines

January 24, 2019

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