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Engagement Letter XXXXXX

This audit engagement letter confirms that TRUST Accounting Firm will audit OSTREA MINERAL LABORATORIES, Inc.'s 2017 financial statements, including the balance sheet, statements of income, retained earnings, and cash flows. The audit will be conducted according to generally accepted auditing standards to obtain reasonable assurance that the financial statements do not contain material misstatements. Fees for the audit will range from P200,000 to P300,000 and are payable upon presentation. The engagement letter must be signed by Mr. Roland Wimbledon, Chief Executive Officer of OSTREA MINERAL LABORATORIES, Inc., to confirm the company's understanding of the audit arrangements.

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Daryl Otsuka
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165 views2 pages

Engagement Letter XXXXXX

This audit engagement letter confirms that TRUST Accounting Firm will audit OSTREA MINERAL LABORATORIES, Inc.'s 2017 financial statements, including the balance sheet, statements of income, retained earnings, and cash flows. The audit will be conducted according to generally accepted auditing standards to obtain reasonable assurance that the financial statements do not contain material misstatements. Fees for the audit will range from P200,000 to P300,000 and are payable upon presentation. The engagement letter must be signed by Mr. Roland Wimbledon, Chief Executive Officer of OSTREA MINERAL LABORATORIES, Inc., to confirm the company's understanding of the audit arrangements.

Uploaded by

Daryl Otsuka
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOC, PDF, TXT or read online on Scribd
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Audit Engagement Letter

TRUST Accounting Firm


36th Floor, Horizons 101 Tower 1
74 General Maxilom Ave, Cebu City, 6000 Cebu

November 13, 2018


OSTREA MINERAL LABORATORIES, Inc.
3rd Floor, Jayden Center M. C. Briones Highway Mandaue,
M. C. Briones St, Mandaue City, Cebu
Lalawigan ng Cebu 6 0 1 4

Dear Mr. Roland Wimbledon:


This will confirm our understanding of the arrangements for our audit of the financial
statements of OSTREA MINERAL LABORATORIES, Inc., for the year ending 2017.

We will audit the Company's balance sheet as of 2017, and the related statements of income,
retained earnings, and especially cash flows for the year then ended, for the purpose of
expressing an opinion on them. The financial statements are the responsibility of the Company
management. Our responsibility is to express an opinion on the financial statements based on
our audit.

We will conduct our audit in accordance with generally accepted auditing standards. Those
standards require that we plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation. We believe that
our audit will provide a reasonable basis for our opinion.

Our procedures will include tests of documentary evidence supporting the transactions recorded
in the accounts, and direct confirmation of receivables and certain other assets and liabilities by
correspondence with selected customers, creditors, legal counsel, and banks. At the conclusion
of our audit, we will request certain written representations from you about the financial
statements and matters related thereto.

Although the audit is designed to provide reasonable assurance of detecting errors and
irregularities that are material to the financial statements, it is not designed and cannot be relied
upon to disclose all fraud, defalcations, or other irregularities. However, we will inform you of
any material errors, and all irregularities or illegal acts, unless they are clearly inconsequential,
that come to our attention.
As part of our engagement for the year ending 2017, we will review the federal and state income
tax returns for OSTREA MINERAL LABORATORIES, Inc..

Further, we will be available during the year to consult with you on the tax effects of any
proposed transactions or contemplated changes in business policies.

Assistance to be supplied by your personnel, including the preparation of schedules and analyses
of accounts, is described in a separate attachment. Timely completion of this work will facilitate
the completion of our audit.

Our fees will be billed as work progresses and are based on the amount of time required plus out-
of-pocket expenses. Invoices are payable upon presentation. We will notify you immediately of
any circumstances we encounter that could significantly affect our initial estimate of total fees,
which will range from P200,000 to P300,000.

The working papers for this engagement are the property of Daryl C. Otsuka and constitute
confidential information. However, we may be requested to make certain working papers
available to Shyle Alcomendras pursuant to authority given to it by law or regulation. If
requested, access to such working papers will be provided under the supervision of Rudy
Grayrat. Furthermore, upon request, we may provide photocopies of selected working papers to
Shyle Alcomendras. Shyle Alcomendras may intend, or decide, to distribute the photocopies or
information contained therein to others, including governmental agencies.

If this letter correctly expresses your understanding, please sign the enclosed copy where
indicated and return it to us.

We appreciate the opportunity to serve you and trust that our association will be a long and
pleasant one.

Sincerely,
TRUST Accounting Firm

______________________________
Daryl C. Otsuka
Engagement Partner

Accepted and agreed to:

______________________________
Mr. Roland Wimbledon
Chief Executive Officer

______________________________
Date Signed

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