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Auditor's Report - Espenili

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13 views2 pages

Auditor's Report - Espenili

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ian albonia jr.
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© © All Rights Reserved
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INDEPENDENT AUDITOR’S REPORT

GLICERIO REAL ESPENILI


Brgy. Matala, Ibaan, Batangas

Report on the Audit of the Financial Statements

Opinion

I have audited the financial statements of GLICERIO REAL ESPENILI, which comprise the
statement of financial position as at December 31, 2021 and the statement of financial performance
for the year then ended.

In my opinion, the accompanying financial statements present fairly, in all material respects, the
financial position of GLICERIO REAL ESPENILI as at December 31, 2021 and its financial
performance in accordance with Philippine Financial Reporting Standards for Small Entities (PFRS for
SE’s).

Basis for Opinion

I conducted my audit in accordance with Philippine Standards on Auditing (PSAs). My responsibilities


under those standards are further described in the Auditor’s 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, 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 Governance for the Financial
Statements

Management is responsible for the preparation and fair presentation of the financial statements in
accordance with PFRS for SE’s 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 to 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.

Auditor’s Responsibilities for 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 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 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 misstatements of the financial statements, whether
due to fraud or error, design and perform audit procedures responsive to those risks and
“ Best Result & Service - the only
obtain audit evidence that is sufficient and appropriate to provide a basis for my opinion.
option” resulting from fraud is higher than for one
The risk of not detecting a material misstatement
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 uncertainty
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 our 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 our 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 we identify during our audit.

BERNADETTE O. REYES-SUANES

Certified Public Accountant


CPA Cert. No. 0096890
TIN 903-953-653-000
BOA Accreditation Reg. No. 7782 valid until January 5, 2023
BIR Accreditation No. 09-006787-001-2020 valid until March 13, 2023
PTR No. 29501254 issued on 1/3/2022 at Rosario, Batangas

October 5, 2022

Rosario, Batangas

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