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3~33;(Objectives 3-1, 3-9) The following is an aud...




3~33;(Objectives 3-1, 3-9) The following is an auditor?s report prepared in accordance with Enternational Standards on Auditing (ISAS) issued by the International Auditing and Assurance Standards Board (IAASB): INDEPENDENT AUD|TOR?S REPORT To the Shareholders of Les Meridian, Inc. We have audited the accompanying financial statements of Les Meridian, Inc., which comprise the balance sheet as of December 31, 2009, and the income statement, statement of changes in equity and cash flow statement for the year then ended, and a summary of significant accounting policies and other explanatory notes, Management? Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation gf these financial statements in accordancewith International Financial Reporting Standards, This responsibility includes: designing, implementing and maintainin internal control relevant to the preparation and fair presentation of financial stateinem th t are free from material misstatement, whether due to fraud Or error; selecting and applying appropriate accounting policies; and making accounting estimates thi; are reasonable in the circumstances. Auditor?s Responsibility Our responsibility is to express an opinion on 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 optain reasonable assurance whether the financial statements are free from material misstatement. An audit involves performi ng procedures to obtain audit evidence about the amounts and disclosures in the financial t s atements. The procedures selected depend on the auditor?s judgment, including the assessment of the risks of material misstate- ment of the financial statements, whether due to fraud or error. In making those risk assessments, 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 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 o provide a basis for our audit opinion. Opinion In our opinion, the financial statements give a true and fair position of Les Meridian, Inc. as of December 31, 2009 and of its financial performance and cash flows for the year then ended in accordance with international financial reporting standards. a)For each of t unqualified report prepared in Request accordance with generally accepted auditing standards in the United States, describe whether key elements of each of those seven parts are present in the audit report based on International Standards on Auditing for Les Meridian?s financial statements. b)Describe elements in the audit report based on International Standards on Auditing that are more extensive than an audit re b ` ` port based on U.S. auditing standards.he seven distinct parts of the standard


Paper#5925 | Written in 18-Jul-2015

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