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Auditing in Cis

The auditor audited the financial statements of Larry's Landscaping and Garden Supply for the year ended December 31, 2020. Management is responsible for preparing the financial statements according to accounting principles and maintaining internal controls. The auditor's responsibility is to express an opinion on the financial statements based on their audit to determine if the statements are free of material misstatements. The auditor believes the financial statements fairly represent the company's financial position according to accounting principles.

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Belle B.
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124 views

Auditing in Cis

The auditor audited the financial statements of Larry's Landscaping and Garden Supply for the year ended December 31, 2020. Management is responsible for preparing the financial statements according to accounting principles and maintaining internal controls. The auditor's responsibility is to express an opinion on the financial statements based on their audit to determine if the statements are free of material misstatements. The auditor believes the financial statements fairly represent the company's financial position according to accounting principles.

Uploaded by

Belle B.
Copyright
© © All Rights Reserved
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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REPORT OF INDEPENDENT AUDITOR

LARRY
Proprietor
LARRY’S LANDSCAPING AND GARDEN SUPPLY
1045 Main Street
Bayshore, CA 94326

Report on the Financial Statements


We have audited the accompanying financial statements of LARRY’S LANDSCAPING AND
GARDEN SUPPLY which comprise the balance sheet as of December 31, 2020 and statement of income
for the year ended.

Management’s Responsibility for the Financial Statements


Management is responsible for the preparation and fair presentation of these financial statements in
accordance with Generally Accepted Accounting Principles.
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.

Auditor’s Responsibility
Our responsibility is to express an opinion of these financial statements based on our audit. We conducted
our audit in accordance with International 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 misstatements.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in
the financial statements. The procedure selected depend on the auditor’s judgement, including the
assessment of the risks of material misstatement of the financial statements whether due to fraud or error.
In making those statements, 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 the management, as well as evaluating the overall
presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide as basis for
our audit opinion.

Opinion
In our opinion, the financial statements present fairly, in all material respects the financial position of
LARRY’S LANDSCAPING AND GARDEN SUPPLY as of December 31, 2020 and its financial
performance for the year ended in accordance with Generally Accepted Accounting Principles

STATEMENT OF MANAGEMENT RESPONSIBILITY FOR ANNUAL


INCOME TAX RETURN

The Management of LARRY’S LANDSCAPING AND GARDEN SUPPLY is responsible for all
information and representations contained in the Annual Income Tax Return for the year ended December
31, 2020. Management is likewise responsible for all information and representations contained in the
financial statements accompanying the Annual Income Tax Return covering the same reporting period.
Furthermore, the Management is responsible for all information and representations contained in all the
other tax returns filed for the reporting period, including but not limited to the value added tax and/or
percentage tax returns, documentary stamp returns and any all other tax returns.

In this regard, the Management affirms that the attached audited financial statements for the year ended
December 31, 2020 and the accompanying Annual Income tax return are in accordance with the book and
record of LARRY’S LANDSCAPING AND GARDEN SUPPLY, complete and correct in all material
respects. Management likewise affirms that:

1. Annual Income Tax Return has been prepared in accordance with the provisions of National
Internal Revenue Code, as amended and pertinent tax regulations and other issuances of
Department of Finance and Bureau of Internal Revenue.

2. Any disparity of figure in the submitted reports arising from the preparation of financial
statements pursuant to financial accounting standards and the preparation of the income tax return
pursuant to tax accounting rules has been reported as reconciling items and maintained in the
Company’s books and record in accordance with the requirements of Revenue Regulations No. 8-
2007 and other relevant issuances.

3. LARRY’S LANDSCAPING AND GARDEN SUPPLY has filed all applicable tax returns,
reports and statements required to be filed under tax laws for the reporting period and all taxes
and other impositions shown thereon to be due and payable have been paid for the reporting
period, except those contested in good faith.

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