044 - Illahi Christine Jemielou

INDEPENDENT AUDITOR’S REPORT

Sire QT, Inc.

123 ABC St., Tacloban City,
Leyte, Philippines
Report on the Audit of the Financial Statements

Qualified Opinion
We have audited the financial statements of Sire QT, Inc. (the Company), which
comprise the statement of financial position as at February 28,2024, and the statement
of comprehensive income, statement of changes in equity and statement of cash flows
for the year then ended, and notes to the financial statements, including a summary of
significant accounting policies. In our opinion, except for the effects of the matter
described in the Basis for Qualified Opinion section of our report, the accompanying
financial statements present fairly, in all material respects, the financial position of the
Company as at February 28, 2024, and (of) its financial performance and its cash flows
for the year then ended in accordance with Philippine Financial Reporting Standards
(PFRSs).
Basis for Qualified Opinion

We were not appointed as auditors of the Company until after February 28, 2024
and due to the late appointment, we were not able to receive confirmation reply
from the customers. Concerning the accounts receivable having a total ending balance of
8million, affects and overstates its respective accounts in the balance sheet, but does not
entirely affects other reports. As of the date of our report, management was still
in the process of correcting the errors. As a result of these matters, we were
unable to determine whether any adjustments might have been found necessary in
respect of recorded or unrecorded accounts receivable, and the elements making
up the Balance sheet.
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 Company in accordance with the ethical requirements that are
relevant to our audit of the financial statements in [jurisdiction], and we have fulfilled
our other ethical responsibilities in accordance with these requirements. We believe that
due to limited time we were not able to obtain a sufficient and appropriate evidence
Concerning the accounts receivable that only affects their respective balance sheet
accounts and does not affect the other reports
Responsibilities of Management and Those Charged with Governance for the Financial
Statements
The management is responsible for the preparation of fair presentation of the financial
statement in accordance with PFRS, This responsibility also includes maintenance of
adequate accounting records in accordance with the provisions of the Act for
safeguarding of the assets of the Company and for preventing and detecting frauds and
other irregularities.
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 to cease operations, or has no
realistic alternative but to do so. Those charged with governance are also responsible
for overseeing the company’s financial reporting process.
Auditors Responsibilities for the audit of financial statements

Our objectives are to obtain reasonable assurance about whether the financial
statements 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 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 based
on these consolidated financial statements. As part of an audit in accordance with
(PSA), 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 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 to design
audit procedures that are appropriate in the circumstances, but not for the
purpose of expressing an opinion on the effectiveness of the Group’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 to events or conditions that
may cast significant doubt on the Company’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 consolidated 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 Company to cease to continue as a
going concern.
 Evaluate the overall presentation, structure, and content of the
consolidated financial statements, including the disclosures, and whether
the consolidated financial statements represent the underlying transactions
and events in a manner that achieves fair presentation.
 Obtain sufficient appropriate audit evidence regarding the financial
information of the entities or business activities to express an opinion on
the consolidated financial statements. We are responsible for the direction,
supervision, and performance of the audit report.
We remain solely responsible for our audit opinion. We communicate with those
charged with governance regarding, among other matters, the planned scope and timing
of the audit and significant audit observations, including any significant deficiencies in
internal control that we identify during our audit.
CJ’s ElITE ACCOUNTING
CHRISTINE JEMIELOU C. ILLAHI

CPA License No. 324576
Tax Identification No. 435-568-923
Professional Tax Receipt No. 7294391MD
Tacloban City,
May 15,2024

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INDEPENDENT AUDITOR’S REPORT

Sire QT, Inc.

Report on the Audit of the Financial Statements

Basis for Qualified Opinion

We conducted our audit in accordance with Philippine Standards on Auditing (PSAs).

Auditors Responsibilities for the audit of financial statements

CJ’s ElITE ACCOUNTING

CHRISTINE JEMIELOU C. ILLAHI

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