Representation Letter for the Financial Year Ended 31 December 2013
This representation letter is provided in connection with your audit of the financial statements of Mundo Co., Ltd. (“the Company”) for the year ended 31 December 2013 for the purpose of expressing an opinion as to whether the financial statements present fairly, in all material respects, the financial position of the Company as of 31 December 2013 and results of its operations and its cash flows for the year then ended in accordance with generally accepted accounting principles in Thailand.
We acknowledge our responsibility for the fair presentation of the financial statements in accordance with generally accepted accounting principles in Thailand. Such principles have been consistently applied in relation to those used in the preparation of the financial statements for the year ended 31 December 2013
.
We confirm, to the best of our knowledge and belief, and having made appropriate inquiries of other directors and officials of the Company, the following representations.
1. There have been no irregularities involving management or employees who have a significant role in the accounting and internal control systems or that could have a material effect on the financial statements.
2. All minutes of the meetings of shareholders, directors, the board of directors, and of all relevant management meetings (or summaries of actions of recent meetings for which minutes have not yet been prepared) and all financial and accounting records and related data have been made available to you and no such information has been withheld.
3. We confirm the completeness of the information provided regarding the identification of related parties.
4. The financial statements are free of material mis-statements, including omissions.
5. The Company has complied with all aspects of contractual agreements that could have a material effect on the financial statements in the event of non-compliance. There has been no noncompliance with requirements of regulatory authorities that could have a material effect on the financial statements in the event of noncompliance.
6. The following have been properly recorded and when appropriate, adequately disclosed in the financial statements:
2
(a) The identity of, and balances and transactions with, related parties.
(b) Losses arising from sale and purchase commitments.
(c) Agreements and options to buy back assets previously sold.
(d) Assets pledged as collateral.
(e) Oral guarantees made by the Company on behalf of an affiliate, director, officer or any other third party.
(f) Arrangements with financial institutions involving compensating balances or other arrangements involving restrictions on cash and investment balances and line of credit or similar arrangement.
(g) Other agreements not in the ordinary course of business.
7. We have properly recorded or disclosed in the financial statements the capital stock repurchase options and agreements, and capital stock reserved for options, warrants, conversions and other requirements.
8. We have no plans or intentions that may materially alter the carrying value or classification of assets and liabilities reflected in the financial statements.
9. We have no plan to abandon lines of products or other plans or intentions that will result in any excess or obsolete inventories, and no inventory is stated at an amount in excess of net realisable value.
10. The Company has satisfactory title to all assets and there are no liens or encumbrances on the Company’s assets, except for those that are disclosed in the financial statements.
11. We have recorded or disclosed, as appropriate, all liabilities, both actual and contingent, and have disclosed in the financial statements all guarantees that we have given to third parties.
12. We are not aware of any pending litigation, proceedings, hearing, claims or negotiations which may result in significant loss to the Company, which has been properly accrued or disclosed in the financial statements.
13. No circumstances have arisen, or events occurred, between the balance sheet date and the date of this letter in respect of matters which would require adjustment to or disclosure in the financial statements.
Representation Letter for the Financial Year Ended 31 December 2013
This representation letter is provided in connection with your audit of the financial statements of Mundo Co., Ltd. (“the Company”) for the year ended 31 December 2013 for the purpose of expressing an opinion as to whether the financial statements present fairly, in all material respects, the financial position of the Company as of 31 December 2013 and results of its operations and its cash flows for the year then ended in accordance with generally accepted accounting principles in Thailand.
We acknowledge our responsibility for the fair presentation of the financial statements in accordance with generally accepted accounting principles in Thailand. Such principles have been consistently applied in relation to those used in the preparation of the financial statements for the year ended 31 December 2013
.
We confirm, to the best of our knowledge and belief, and having made appropriate inquiries of other directors and officials of the Company, the following representations.
1. There have been no irregularities involving management or employees who have a significant role in the accounting and internal control systems or that could have a material effect on the financial statements.
2. All minutes of the meetings of shareholders, directors, the board of directors, and of all relevant management meetings (or summaries of actions of recent meetings for which minutes have not yet been prepared) and all financial and accounting records and related data have been made available to you and no such information has been withheld.
3. We confirm the completeness of the information provided regarding the identification of related parties.
4. The financial statements are free of material mis-statements, including omissions.
5. The Company has complied with all aspects of contractual agreements that could have a material effect on the financial statements in the event of non-compliance. There has been no noncompliance with requirements of regulatory authorities that could have a material effect on the financial statements in the event of noncompliance.
6. The following have been properly recorded and when appropriate, adequately disclosed in the financial statements:
2
(a) The identity of, and balances and transactions with, related parties.
(b) Losses arising from sale and purchase commitments.
(c) Agreements and options to buy back assets previously sold.
(d) Assets pledged as collateral.
(e) Oral guarantees made by the Company on behalf of an affiliate, director, officer or any other third party.
(f) Arrangements with financial institutions involving compensating balances or other arrangements involving restrictions on cash and investment balances and line of credit or similar arrangement.
(g) Other agreements not in the ordinary course of business.
7. We have properly recorded or disclosed in the financial statements the capital stock repurchase options and agreements, and capital stock reserved for options, warrants, conversions and other requirements.
8. We have no plans or intentions that may materially alter the carrying value or classification of assets and liabilities reflected in the financial statements.
9. We have no plan to abandon lines of products or other plans or intentions that will result in any excess or obsolete inventories, and no inventory is stated at an amount in excess of net realisable value.
10. The Company has satisfactory title to all assets and there are no liens or encumbrances on the Company’s assets, except for those that are disclosed in the financial statements.
11. We have recorded or disclosed, as appropriate, all liabilities, both actual and contingent, and have disclosed in the financial statements all guarantees that we have given to third parties.
12. We are not aware of any pending litigation, proceedings, hearing, claims or negotiations which may result in significant loss to the Company, which has been properly accrued or disclosed in the financial statements.
13. No circumstances have arisen, or events occurred, between the balance sheet date and the date of this letter in respect of matters which would require adjustment to or disclosure in the financial statements.
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