Sample Audit Report 2018

JANET G.
TAOJO-MATUGUINAS
ACCOUNTING & AUDITING SERVICES
PRC/BOA Accred Cert #0598 ; Tel No. (084) 216-0231 / Cel #09177197126
Lot 2, Blk. 4, Sison Subdivision Tagum City
Independent Auditor’s Report
ABC ICE PLANT AND COLD STORAGE

Prk4, Mankilam, Tagum City
Davao del Norte
Report on the Audit of Financial Statements
I have audited the financial statements of ABC ICE PLANT AND COLD STORAGE which comprise of the
Statement of Financial Condition as at December 31, 2018 & 2017, and the Statement of Financial Operation for the
years then ended, and notes to the financial statements, including a summary of significant accounting policies.
Opinion
In my opinion, the accompanying financial statements present fairly, in all material respects , the financial position
of ABC ICE PLANT AND COLD STORAGE as at December 31, 2018 and 2017 and its financial
performance, in accordance with Philippine Financial Reporting Standards for Small and Medium Enterprises
(SMEs).
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 Entity 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 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 of the financial statements in accordance with Philippine Financial
Reporting Standards for SMEs 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 Entity’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 Entity or to cease operations, or has no realistic alternative but to do
so. Those charged with governance are responsible for overseeing the Entity’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 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 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 PSAs, 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 my 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 Entity’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 Entity’s ability to continue as a going concern. If I
conclude that a material uncertainty exists, I am required to draw attention in the 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 Entity 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.
JANET G. TAOJO-MATUGUINAS
CPA Reg. No. 050366
BOA Reg. No. 598 until December 31, 2021
TIN No. 185-682-206
PTR NO. 2484110, January 11, 2019, Tagum City
BIR Accreditation #19-004129-1-2017 valid until March 4, 2020
Tagum City
April 12, 2019

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JANET G.

Independent Auditor’s Report

ABC ICE PLANT AND COLD STORAGE

Report on the Audit of Financial Statements

Basis for Opinion

Auditor’s Responsibilities for the Audit of the Financial Statements

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