Independent Auditor'S Report: Opinion

INDEPENDENT AUDITOR’S REPORT

To the members of Masin-AES Pte. Ltd.

Report on the Financial Statements

Opinion
We have audited the financial statements of Masin-AES Pte.Ltd. (the “company”), which
comprise the balance sheet as at 31 December 2017, the statement of comprehensive
income, statement of changes in equity and statement of cash flow of the Company for
the year then ended, and notes to the financial statement, including a summary of
significant accounting policies.
In our opinion the accompanying financial statement are properly drawn up in

accordance with the provisions of the Companies Act. Chapter 50 (the Act) and financial
Reporting Standards in the Philippines (FRSs) so as to give a true and fair view of the
financial position of the company as at 31 December 2017 and of the financial
performance, changes in equity and cash flows of the Company for the year ended on
that date.
Basis for opinion

We conducted our audit in accordance with Philippine Standards on Auditing (PSAs).
Our responsibilities under those standards are further described in the Auditor’s
Responsibilities for the Audit of the Financial Statements section of our report. We are
independent of the Cooperative in accordance with the Code of Ethics for Professional
Accountants in the Philippines, and we have fulfilled our other ethical responsibilities in
accordance with these requirements. We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis for my opinion.
Responsibilities of Management and Those Charged with Governance for the

Consolidated Financial Statements
Management is responsible for the preparation and fair presentation of the financial
statements in accordance with the Philippine Financial Reporting Framework for
Cooperatives and for such internal control as management determines is necessary to
enable the preparation of financial statements that are free from, material
misstatements, whether due to fraud or error.
In preparing the financial statements, management is responsible for assessing the

Cooperative’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 intends to liquidate the Cooperative or to cease operations, or has no
realistic alternative to do so.
Those charged with governance are responsible for overseeing the Cooperative’s
financial reporting process.
Auditor’s Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial
statements as a whole are free from material misstatements, whether due to fraud or
error, and to issue an auditor’s 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 PSAs will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually
or in 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 PSAs, We exercise professional judgment and

maintain professional skepticism throughout 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 my opinion. The risk of not detecting 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 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 Cooperative’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 uncertainty exists related events or conditions that may cast significant
doubt on the Cooperative’s ability to continue as a going concern. If we conclude
that a material uncertainty exists, we are 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 Cooperative to cease to continue as a going
concern.
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 my audit.
Report on Other Legal and Regulatory Requirements

Our audits were conducted for the purpose of forming an opinion on the consolidated
financial statements taken as a whole. The supplementary information for the year
ended December 31, 2018 required by the Bureau of Internal Revenue is presented for
purposes of additional analysis and is not a required part of the consolidated financial
statements prepared in accordance with PFRS. Such supplementary information is the
responsibility of management. The supplementary information has been subjected to
the auditing procedures applied in the audit of the basic financial statements and, in our
opinion is fairly stated in all material respects in relation to the basic financial statements
taken as a whole.
MARIAH MICKAELLAH B. MACAS
Public Accountant and Chartered Accountant

Davao City, Philippines
March 14, 2018

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INDEPENDENT AUDITOR’S REPORT

To the members of Masin-AES Pte. Ltd.

Report on the Financial Statements

In our opinion the accompanying financial statement are properly drawn up in

Basis for opinion

Responsibilities of Management and Those Charged with Governance for the

In preparing the financial statements, management is responsible for assessing the

Auditor’s Responsibilities for the Audit of the Financial Statements

As part of an audit in accordance with PSAs, We exercise professional judgment and

 Obtain understanding of internal control relevant to the audit in order to design

 Evaluate the appropriateness of accounting policies used and the

 Conclude on the appropriateness of management’s use of the going concern

Report on Other Legal and Regulatory Requirements

MARIAH MICKAELLAH B. MACAS

Public Accountant and Chartered Accountant

March 14, 2018

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