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The independent auditors have audited the financial statements of PLAN INTERNATIONAL, INC. Philippine Branch Office for the years ending June 30, 2024 and 2023, and found them to fairly present the financial position and performance in accordance with Philippine Financial Reporting Standards for SMEs. The audit was conducted in compliance with Philippine Standards on Auditing, ensuring independence and appropriate audit evidence. The report also addresses management's responsibilities for the financial statements and the auditors' responsibilities in evaluating the financial reporting process.

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22 views

Audit report sample

The independent auditors have audited the financial statements of PLAN INTERNATIONAL, INC. Philippine Branch Office for the years ending June 30, 2024 and 2023, and found them to fairly present the financial position and performance in accordance with Philippine Financial Reporting Standards for SMEs. The audit was conducted in compliance with Philippine Standards on Auditing, ensuring independence and appropriate audit evidence. The report also addresses management's responsibilities for the financial statements and the auditors' responsibilities in evaluating the financial reporting process.

Uploaded by

Caporado Jamel Sierba
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We take content rights seriously. If you suspect this is your content, claim it here.
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REPORT OF INDEPENDENT AUDITORS

To the Board of Trustees of


Company Name
Address

Report of Audit of Financial Statements

Opinion

We have audited the accompanying financial statements of PLAN INTERNATIONAL, INC.


Philippine Branch Office which comprises the statements of financial position as at June 30,
2024 and 2023, and the statements of income, statements of changes in shareholders’ equity
& statements of cash flows for the years then ended, and notes to the financial statements,
including a summary of significant accounting policies and other explanatory information.

In our opinion, the financial statements presents fairly, in all material respects the financial
position of PLAN INTERNATIONAL, INC. Philippine Branch Office, as at June 30, 2024 and
2023, and its financial performance and its cash flows for the years then ended in accordance
with Philippine Financial Reporting Standards for Small and Medium Size Entities (PFRS for
SMEs).

Basis of opinion

We conducted our audits in accordance with the Philippine Standards on Auditing (PSA). Our
responsibilities under those standards are further described in the Auditor’s Responsibilities for
the Audit of the Financial Statements section of our report. We are independent of the Company
in accordance with the International Ethics Standards Board for Accountants’ Code of Ethics
for Professional Accountants in the Philippines (Code of Ethics) together with the ethical
requirements that are relevant to our audit of the financial statements in the Philippines, and
we have fulfilled our other ethical responsibilities in accordance with these requirements and
the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit 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
misstatements, 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 responsibility for the audit of the financial statements

Our 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 our opinion. Reasonable assurance is a high level of assurance,
but is not a guarantee that an audit conducted in accordance with PSA 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 consolidated financial
statements.

As part of an audit in accordance with PSA, we exercise professional judgment and maintain
professional skepticism throughout the audit. We also:

• Identify and assesses 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 our 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 the accounting policies used and the


reasonableness of the accounting estimates and related disclosures made by
the 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
we conclude. That a material uncertainty exists, we are required to draw
attention in our audit report to the related disclosures in the financial
statements or, if such disclosures are inadequate, to modify our opinion. Our
conclusions are based on the audit evidence obtained up to the date of our
auditor’s report. However, future events or conditions may cause the Company
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
represents the underlying transactions and events in a manner that achieves
fair presentation.

We communicate with those charged with governance regarding, among other matters, the
planned scope and timing of the audit and significant audit findings, including any significant
deficiencies in internal control that we identify during our audit.
Report on Other Legal and Regulatory Requirements

Our audits were conducted for the purpose of forming an opinion on the basic financial
statements taken as a whole. The supplementary information in notes to the financial
statements is presented for purpose of filing with the Bureau of Internal Revenue and is not a
required part of the basic financials statements.

Such supplementary information is the responsibility of management and has been subjected
to the auditing procedures applied in our audits of the basic financial statements. In our opinion,
the supplementary information is fairly stated in all material respects in relation to the basic
financial statements taken as a whole.

CASTANEDA AND ASSOCIATES CPAs

By : BERNADETTE C. RODRIGUEZ
Partner

CPA No. 0104172


Tax Identification No. 209-550-301-000
Professional Tax Receipt No. 5429195
issued on January 3, 2025 at Mandaluyong City
Board of Accountancy Registration No. 0492
Issued on October 4, 2024, valid until June 8, 2027
Bureau of Internal Revenue Accreditation No. 07-10000395-001-2021
Issued on December 23, 2021 valid until December 23, 2024
Cooperative Development Authority Accreditation No. 002-AF
Issued on January 11, 2023, valid until January 11, 2026

October 15, 2024


Mandaluyong City

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