Question

What conditions must be present for an auditor to be able to issue a standard unqualified audit report similar to the ones presented in Exhibit 15.1?

Answer 1

Bases on the Exhibit given, following conditions to be complied with in auditor's opinion to give unqualified opinion:

1.While applying the Standards issued by Public Company Accounting Oversight Board (U.S.), reasonable assurance has been obtained that the financial statements are free from material misstatements and all the disclosures have been made in full and accordance with the standards and financial statement is giving true and fair view.

2.The consolidated financial statements (Financial statement of Holding and Subsidiaries including cash flow statement) are in conformity with the International Financial Reporting Standards (IFRS) as issued by International Financial Standard Board and IFRS as adopted by European Union.

3.There is effectiveness in " Internal Control Over Financial Reporting " based upon the Standards issued by Public Company Accounting Oversight Board (U.S.) and guideline issued by COSO, which shows that internal control adopted by company is working effective and efficient in opinion of auditor preventing fraud and misstatement in automated environment.

4.The preparation of financial statement including consolidated financial statement is responsibility of management and not of auditor and the management have prepared the financial statement in all material respect in accordance with standards and presented complete disclosures.