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    Auditors Opinion

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    Randy Paderes
    (1) The independent auditors' report summarizes the auditors' responsibilities and opinions regarding the financial statements of Marel's Quenchers for the period ending December 31, 2012. (2) Management is responsible for preparing and fairly presenting the financial statements according to accounting standards, while the auditors are responsible for expressing an opinion on whether the statements fairly represent the financial position based on their audit. (3) The auditors issued a clean opinion, finding the financial statements to present fairly in accordance with accounting standards.

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    Auditors Opinion

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    Randy Paderes
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    (1) The independent auditors' report summarizes the auditors' responsibilities and opinions regarding the financial statements of Marel's Quenchers for the period ending December 31, 2012. (2) Management is responsible for preparing and fairly presenting the financial statements according to accounting standards, while the auditors are responsible for expressing an opinion on whether the statements fairly represent the financial position based on their audit. (3) The auditors issued a clean opinion, finding the financial statements to present fairly in accordance with accounting standards.

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    (1) The independent auditors' report summarizes the auditors' responsibilities and opinions regarding the financial statements of Marel's Quenchers for the period ending December 31, 2012. (2) Management is responsible for preparing and fairly presenting the financial statements according to accounting standards, while the auditors are responsible for expressing an opinion on whether the statements fairly represent the financial position based on their audit. (3) The auditors issued a clean opinion, finding the financial statements to present fairly in accordance with accounting standards.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    30 views3 pages

    Auditors Opinion

    Uploaded by

    Randy Paderes
    (1) The independent auditors' report summarizes the auditors' responsibilities and opinions regarding the financial statements of Marel's Quenchers for the period ending December 31, 2012. (2) Management is responsible for preparing and fairly presenting the financial statements according to accounting standards, while the auditors are responsible for expressing an opinion on whether the statements fairly represent the financial position based on their audit. (3) The auditors issued a clean opinion, finding the financial statements to present fairly in accordance with accounting standards.

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    of 3

    MAREL’S QUENCHERS

    Financial Statements
    December 31, 2012

    and

    Independent Auditors’ Report


    INDEPENDENT AUDITORS’ REPORT

    The Sole Proprietor


    Marel’s Quanchers

    I have audited the accompanying financial statements of Marel’s Quenchers, which comprise the
    balance sheet as at December 31, 2012, and the statements of income, statements of changes in equity
    and statements of cash flows for the 16 days then ended, and a summary of significant accounting
    policies and other explanatory notes.

    Management’s Responsibility for the Financial Statements

    Management is responsible for the preparation and fair presentation of these financial statements in
    accordance with Philippine Financial Reporting Standards. This responsibility includes: designing,
    implementing and maintaining internal control relevant to the preparation and fair presentation of
    financial statements that are free from material misstatement, whether due to fraud or error; selecting
    and applying appropriate accounting policies; and making accounting estimates that are reasonable in
    the circumstances.

    Auditors’ Responsibility

    My responsibility is to express an opinion on these financial statements based on my audits. I


    conducted my audits in accordance with Philippine Standards on Auditing. Those standards require
    that we comply with ethical requirements and plan and perform the audit to obtain reasonable
    assurance whether the financial statements are free from material misstatement.

    An audit involves performing procedures to obtain audit evidence about the amounts and disclosures
    in the financial statements. The procedures selected depend on the auditor’s judgment, including the
    assessment of the risks of material misstatement of the financial statements, whether due to fraud or
    error. In making those risk assessments, the auditor considers internal control relevant to the entity’s
    preparation and fair presentation of the financial statements 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. An audit also includes evaluating the appropriateness of accounting
    policies used and the reasonableness of accounting estimates made by management, as well as
    evaluating the overall presentation of the financial statements.

    I believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
    my audit opinion.
    Opinion

    In my opinion, the financial statements present fairly, in all material respects, the financial position of
    Marel’s Quenchers as at December 31, 2012, and its financial performance and its cash flows for the
    16 days then ended in accordance with Philippine Financial Reporting Standards.

    Report on the Supplementary Information Required Under Revenue Regulations 19-2011


    and 15-2010

    My audits were conducted for the purpose of forming an opinion on the basic financial statements
    taken as a whole. The supplementary information required under Revenue Regulations 19-2011
    and 15-2010 in Notes 7 and 8 to the financial statements, respectively, is presented for purposes of
    filing with the Bureau of Internal Revenue and is not a required part of the basic financial statements.
    Such information is the responsibility of the management of Marel’s Quenchers The information has
    been subjected to the auditing procedures applied in my audit of the basic financial statements. In my
    opinion, the information is fairly stated in all material respects in relation to the basic financial
    statements taken as a whole.

    Christopher S. Pantollano
    Partner, IT Sabado & Associates
    CPA Certificate No. 0120349
    BOA Accreditation No. 1324
    PTR No. 6088473,
    Jan 12, 2012 Quezon City

    April 12, 2013

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