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INDEPENDENT AUDITOR'S REPORT

To the Board of Trustees

MAKI Company

Katipunan Road,Balara

Quezon City

Report on the Audit of the Financial Statements

Opinion

We have audited the accompanying financial statements of MAKI Company,


which comprise the balance sheet as at December 31,2017, 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.

In our opinion, the financial statements present fairly,in all material respects,
the financial position of ABC Company as of December 31,2017, and of its
financial performance and its cash flows for the year then ended in
accordance with Philippine Financial Reporting Standards.

Basis for Opinion

We conducted our audit in accordance with Philippine Standards on Auditing.


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
ethical requirements that are relevant to our audit of the financial statements
in the Philippines, the Code of Ethics for Professional Accountants in the
Philippines, and we have fulfilled our ethical responsibilities in accordance
with these requirements. We believe that the audit evidence we have obtained
is sufficient and appropriate to provide a basis for our opinion.

Other Matter Paragraph

Maki Company has prepared a separate set of financial statements for the
year ended December 31,2017 in accordance with the US GAAP on which we
issued a separate auditors' report to the shareholders of MAKI Company
dated March 31'2018.

Responsibilities of Management and Those Charged with Governance


for the Financial Statements
Management is responsible for the preparation and fair presentation of these
financial statements in accordance with Philippine Financial Reporting
Standards, and for such internal control as management determines is
necessary to enable the preparations of financial statements that are free
from material misstatement,whether due to fraud or error.

In preparing the financial statements,management is responsible fir


assessing the Company's ability to continue as a going concern, disclosing,as
applicable, matters related to going concern and using the going concern and
using the going concern basis of accounting unless management either
intends to liquidate the Company or to cease operations, ir has no realistic
alternative but to do so.

Those charged with governance are responsible for overseeing the


Company's financial reporting process.

Auditor’s Responsibilities for the Audit of the Financial Statements

Our responsibility is to express an opinion on these financial statements


based on our audit. We conducted our audit in accordance with Philippine
Standards on Auditing. Those standards require that we comply with ethical
requirements and plan and perform the audit to obtain reasonable assurance
whether the financial statements re free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the


amounts and disclosures in the financial statements. The procedures selected
depend on the auditors judgment,including the assessment of the risks of
material misstatement 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 desire 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 fina statements.

We believe that the audit evidence we gave obtained is sufficient and


appropriate to provide a basis for our audit opinion.

MAE NAMOC
OIC-Supervising Auditor
Commission on Audit
March 25, 2018