Independent Auditors’ Report
To the Board of Directors and Stockholders
SHARP TRAVEL SERVICES (PHILS.), INC.
Suite 501-504 Alexander House
132 Amorsolo St., Legaspi Village, Makati City
Report on the Audits of the Financial Statements
Opinion
I have audited the financial statements of SHARP TRAVEL SERVICES (PHILS.), INC. (the “Company”), which comprise
the statement of financial position as at December 31, 2020, and the statements of income, statements of changes in
equity and statements of cash flows for the year then ended, and notes to the financial statements, including a summary
of significant accounting policies.
In my opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the
Company as at December 31, 2020, and its financial performance and its cash flows for the year then ended, in
accordance with Philippine Financial Reporting Standard for Small and Medium-sized Entities (PFRS for SMEs).
Basis for Opinion
I have conducted my audit in accordance with Philippine Standards on Auditing (PSAs). My responsibilities under those
standards are further described in the Auditors’ Responsibilities for the Audits 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, the Code of Ethics for Professional Accountants 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.
Other Matters
The financial statements of the Company as at and for the year ended December 31, 2019, were audited by other
auditor whose report dated June 4, 2020, expressed an unqualified 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 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 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 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 ISAs, 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
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 my 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 Company to cease to
continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and
whether the 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
within the Company to express an opinion on the financial statements. I am responsible for the direction,
supervision and performance of the audit. I remain solely responsible for my audit opinion.
I communicate with the Board of Directors 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.
Report on Supplementary Information required by the Bureau of Internal Revenue
My audit was conducted for purposes of forming an opinion on the basic financial statements taken as a whole. The
supplementary information required under Revenue Regulations 15-2010 and 19-2011 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 SHARP TRAVEL SERVICES (PHILS.), INC. 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 statement taken as a whole.
AGNES DE GUZMAN FRANCIA
Partner
CPA Certificate No. 80344
Tax Identification No. 225 267 349
PTR No. RZL 15582129A 05 Jan 2021 Cainta Rizal
BOA Accreditation 3885 effective until 21 Feb 2023
BIR Accreditation No 07-000003-003-2021, effective until 13 Jan 2024
April 07, 2021
Cainta, Rizal
REPORT OF INDEPENDENT AUDITOR ON THE NUMBER OF SHAREHOLDERS TO ACCOMPANY FINANCIAL
STATEMENTS FOR FILING WITH THE SECURITIES AND EXCHANGE COMMISSION
Statement Required by the Rule 68, Section 3.d,
Securities Regulation Code (SRC),
As Amended on October 25, 2005
To the Board of Directors and Stockholders
SHARP TRAVEL SERVICES (PHILS.), INC.
Suite 501-504 Alexander House
132 Amorsolo St., Legaspi Village, Makati City
I have audited the accompanying financial statements of SHARP TRAVEL SERVICES (PHILS.), INC.
on which we have rendered the attached report dated April 07, 2021. In connection with our audit, we obtained a copy
of General Information Sheet.
In compliance with Securities Regulation Code Rule 68 and based on the General Information Sheet of the Company
and the results of work performed by us, the said company has Thirteen (13) shareholders owning more than one
hundred shares as at December 31, 2020.
AGNES DE GUZMAN FRANCIA
Partner
CPA Certificate No. 80344
Tax Identification No. 225 267 349
PTR No. RZL 15582129A 05 Jan 2021 Cainta Rizal
BOA Accreditation 3885 effective until 21 Feb 2023
BIR Accreditation No 07-000003-003-2021, effective until 13 Jan 2024
April 07, 2021
Cainta, Rizal
STATEMENT OF REPRESENTATION
TO THE SECURITIES AND EXCHANGE COMMISSION
In connection with our examination of the Financial Statements of SHARP TRAVEL SERVICES (PHILS.), INC. which
are to be submitted to the Commission, we hereby represent the following:
1. That I am in the active practice of the accounting profession and duly registered with the Board of Accountancy
(BOA)
2. That Financial Statement are presented in conformity with Philippine Financial Reporting Standards for Small
and Medium-sized Entities (PFRS for SMEs) in all cases where we shall express an unqualified opinion.
Except that in case of any departure from such principles, we shall indicate the nature of the departure, the
effects thereof, and the reasons why compliance with the standards would result in a misleading statement, if
such is a fact;
3. That I shall fully meet the requirements of independence as provided under the Code of Professional Ethics for
CPAs;
4. That in the conduct of the audit, I shall comply with the generally accepted auditing standards promulgated by
the Board of Accountancy, in case of any departure from such standards or any limitation in the scope of my
examination, I shall indicate the nature of the departure and the extent of limitation, the reasons therefore and
the effects thereof on the expression of my opinion or which may necessitate the negation of the expression of
an opinion.
5. That I shall comply with the applicable rules and regulations of the Securities and Exchange Commission in the
preparation and submission of Financial Statements and
6. That relative to the expression of our opinion on the said Financial Statements, I shall not commit any acts
discreditable to the profession as provided under Code of Professional Ethics of CPAs.
As a CPA engaged in public practice, I make these representations in my individual capacity and as an auditor in my
office.
AGNES DE GUZMAN FRANCIA
Partner
CPA Certificate No. 80344
Tax Identification No. 225 267 349
PTR No. RZL 15582129A 05 Jan 2021 Cainta Rizal
BOA Accreditation 3885 effective until 21 Feb 2023
BIR Accreditation No 07-000003-003-2021, effective until 13 Jan 2024
April 07, 2021
Cainta, Rizal
The Bureau of Internal Revenue
BIR Building, Diliman
Quezon City
Gentlemen:
In connection with my examination of the statements of financial position of SHARP TRAVEL SERVICES
(PHILS.), INC. as at December 31, 2020, and the related statements of comprehensive income, changes in
shareholders’ equity and cash flows for the year ended December 31, 2020, I wish to state that I am not related by
consanguinity or affinity to any of the principal officers or shareholders of the Company.
Very truly yours,
AGNES DE GUZMAN FRANCIA
Partner
CPA Certificate No. 80344
Tax Identification No. 225 267 349
PTR No. RZL 15582129A 05 Jan 2021 Cainta Rizal
BOA Accreditation 3885 effective until 21 Feb 2023
BIR Accreditation No 07-000003-003-2021, effective until 13 Jan 2024
April 07, 2021
Cainta, Rizal
