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    Engagement Letter PDF

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    Eli Mae Rose Densing
    This letter confirms Banog Auditing Firm's acceptance of auditing Grace Corporation's annual financial statements for the fiscal year ended December 31, 2004. The audit will be conducted according to Philippine auditing standards to express an opinion on whether the financial statements give a true and fair view. Grace Corporation's management is responsible for maintaining proper accounting records, preparing accurate financial statements, and providing access to records and additional information required for the audit. Due to inherent limitations, some material misstatements may remain undiscovered despite the audit.

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    Engagement Letter PDF

    Uploaded by

    Eli Mae Rose Densing
    364 views2 pages
    This letter confirms Banog Auditing Firm's acceptance of auditing Grace Corporation's annual financial statements for the fiscal year ended December 31, 2004. The audit will be conducted according to Philippine auditing standards to express an opinion on whether the financial statements give a true and fair view. Grace Corporation's management is responsible for maintaining proper accounting records, preparing accurate financial statements, and providing access to records and additional information required for the audit. Due to inherent limitations, some material misstatements may remain undiscovered despite the audit.

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    This letter confirms Banog Auditing Firm's acceptance of auditing Grace Corporation's annual financial statements for the fiscal year ended December 31, 2004. The audit will be conducted according to Philippine auditing standards to express an opinion on whether the financial statements give a true and fair view. Grace Corporation's management is responsible for maintaining proper accounting records, preparing accurate financial statements, and providing access to records and additional information required for the audit. Due to inherent limitations, some material misstatements may remain undiscovered despite the audit.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    364 views2 pages

    Engagement Letter PDF

    Uploaded by

    Eli Mae Rose Densing
    This letter confirms Banog Auditing Firm's acceptance of auditing Grace Corporation's annual financial statements for the fiscal year ended December 31, 2004. The audit will be conducted according to Philippine auditing standards to express an opinion on whether the financial statements give a true and fair view. Grace Corporation's management is responsible for maintaining proper accounting records, preparing accurate financial statements, and providing access to records and additional information required for the audit. Due to inherent limitations, some material misstatements may remain undiscovered despite the audit.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 2

    Burukutum Bldg., Rizal Ave.

    ,
    Tacloban City, Leyte, 6500

    November 15, 2004

    Grace Corporation
    12 Ninoy Aquino Avenue,
    Parañaque City, 1630

    To the Board of Directors of Grace Corporation.

    You have requested that we audit the annual financial statements of the Grace Corporation for
    the fiscal year ended December 31, 2004. We are pleased to confirm our acceptance and our
    understanding of this audit engagement by means of this letter. Our audit will be made with
    the objective of expressing an opinion on the financial statements.

    We shall conduct our audit in accordance with the Philippine Standards on Auditing issued by
    the Auditing Standards and Practices Council and will have regard to relevant auditing
    guidelines, regulations and recommendations issued by the auditing practices board and other
    professional bodies to the extent relevant. Furthermore, it will be conducted in such a manner
    as we consider necessary to fulfil our responsibilities and will include such tests of transactions
    and of the existence, ownership and valuation of assets and liabilities as we consider necessary.

    Our audit will be conducted on the basis that the management of Grace Corporation and, where
    appropriate, those charged with governance, acknowledge and understand that they have
    responsibility:

    a. For maintaining proper accounting records and preparing financial statements which
    give a true and fair view;

    b. For the preparation and fair presentation of the financial statements in accordance with
    the Philippine Financial reporting Standards (PFRS) or the accounting standards issued
    by the Financial reporting Standard Council (FRSC), and for preparing them such that
    those financial statements give a true and fair view of the state of affairs of the Company
    as at the end of its financial year and of its profit or loss for that financial year;

    c. For such internal control as the management of Grace Corporation determines is


    necessary to enable the preparation of financial statements that are free from material
    misstatement, whether due to fraud or error; and

    d. To provide us with:
    i. Access to company accounting records and all information of which the
    management is aware that is relevant to the preparation of the financial
    statements such as records, documentation and other matters;

    ii. Additional information that we may request from the management for the
    purpose of the audit; and

    iii. Unrestricted access to persons within the entity from whom we determine it
    necessary to obtain audit evidence.

    Because of the test nature and other inherent limitations of an audit together with the inherent
    limitations of any accounting and internal control system, there is an unavoidable risk that even
    some material misstatements may remain undiscovered.

    As part of our audit process, we will request a written confirmation concerning representations
    made to us in connection with the audit.

    Our fees are computed on the basis of the time spent on your affairs by the partners and our
    staff, and on the levels of skill and responsibility. Unless otherwise agreed, our fees will be
    billed at appropriate intervals during the course of the year and will be due on presentation.

    We look forward to full cooperation from your staff during our audit.

    This letter shall apply in respect of the statutory audit and services for the period ended and to
    subsequent periods unless it is terminated, amended or superseded.

    Please sign and return the attached copy of this letter to indicate your acknowledgement of,
    and agreement with, the arrangements for our audit of the financial statements including our
    respective responsibilities.

    Banog Auditing Firm

    Acknowledged on behalf of Grace Company

    __________________________ __________________________
    Name and Signature Title

    _____/_____/_____
    Date

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