Professional Documents
Culture Documents
Jakosalem St.
Lilo Building
Cebu City, Cebu
September 1, 2017
Dear Mr.xxxxxxx,
You have requested that we audit the financial statements of the University of San Jose - Recoletos, Inc. which shall be
comprised of the statement of financial position as of May 31, 2015 and as of May 31, 2016, statement of
comprehensive income, statement of changes in fund balance, statement of financial position and statement of cash
flows for the years ended May 31, 2015 and May 31, 2016, and a summary of accounting policies and other explanatory
notes. We confirm our acceptance and understanding of this engagement through this letter. Our expressing of an
opinion on the financial statements shall be the objective of this audit.
We will conduct our audit in accordance with Philippine Standards on Auditing.Those Standards require that we comply
with ethical standards and plan and perform the audit to obtain reasonable assurance that the financial statements are
free of material misstatements. An audit includes performing procedures to gather information and evidence about the
assertions and representations held out to us, which will serve as the basis of our opinion. The procedures that will be
performed shall depend upon the auditor’s professional judgment, including the assessment of material misstatement of
the financial statements whether due to fraud or error.
We wish to state in this regard that the primary objective of our audit is to enable us to express an opinion on the
company's financial statements. Because of the test nature and other inherent limitations of an audit, together with the
inherent limitations of any accounting internal control system, there is an unavoidable risk that even some material
misstatements may remain undiscovered. However,we will inform you of any such matters that may come to our
attention.
We remind you that the responsibility for the preparation of financial statements including adequate disclosure is that of
the management of the company.This includes maintenance of adequate accounting records and internal controls,the
selection and application of accounting policies and the safeguarding of the assets of the company. As part of our audit
process,we will request from management written confirmation concerning representation made to us in connection
with the audit.
We also expect for the full cooperation from the staff and trust them to provide us with whatever
records,documentation and other information are requested in connection with our audit.Our fees are computed on the
basis of the time spent on your affairs by the partner and our staff, and on the levels of skill and responsibility involved
together with any expenses properly incurred and VAT. Unless otherwise agreed, our fees will be billed at appropriate
intervals during the course of the year and will be due on the presentation.
We shall not disclose, to third parties, confidential information acquired in the course of our professional work without
your consent unless there is a legal right or duty to disclose.
Once it has been agreed, this letter will remain effective, from one audit appointment to another, until it is replaced. We
shall be grateful if you could confirm in writing your agreement to the terms of this letter, by signing and returning the
enclosed copy of this letter, or let us know if they are not in accordance with your understanding of our terms of
appointment.
Conforme`:
University of San Jose-Recoletos
By Date
Suraj Dephta September 1, 2017
Managing Director