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Basis of opinion
We conducted our audits in accordance with auditing standards generally accepted in the
Philippines. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
mistatements. An audit includes assessing the accounting principles used and significant
estimates made by the management, as well as evaluating the overall financial statement
presentation. We believe that our audits and the report of other auditors provide a
reasonable basis for our opinion.
We are independent of the Group in accordance with the ethical requirements, including
those related to independence, that are relevant to our audit of the financial statements
as frequired by prevailing audit regulations. In this regard, we have not provided non-
audit services nor arisen that might have compromised our mandatory independence in
a manner prohibited ,by the aforementioned requirements.
We believe that the audit evidence we have obatined is sufficient and appropriate to
provide a basis for our opinion.
Key audit matters are those matters that, in our profetional judgement, were of most
significant in our audit of consolidated financial statements of the current period. These
matters were adressed in the context of our audit of the consolidated financial statements
as a whole, and in forming our audit opinion thereon, and do not provide a separate
opinion on these matters.
Auditor's Responsibility
Our responsibility is to express an opinion on this financial statement based on our audit.
We conducted our audit in accordance with International Standards on Auditing. Those
standards required that we comply with ethical requirements and plan and perform the
audit to obtain reasonable assurance about whether the financial statements are free of
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.
Obtained sufficient and appropriate audit evidence as basis for our audit opinion.
Emphasis of matters
“Without qualifying our opinion we draw attention to note Conay Company to financial
statement. The company changes from FIFO to LIFO for inventory valuation which
concurs a change. The changes has a material effect on the comparability of the entity’s
financial statements this year, but expected to have an immaterial effect in the future.