Grace

Corporati
on
Financial Statements for the Year Ended December 31, 2017
Ness Cathrine C. Montejo
BSA-IV
 Table of Contents

Audit Report with Audited Financial Statements ......................................................................1

Statement of Managements Responsibility for FS .......................................................................1
Independent Auditors’ Report ......................................................................................................2
Audited Financial Statements.......................................................................................................4
Statement of Financial Position ................................................................................................4
Statement of Comprehensive Income .......................................................................................5
Statement of Changes in Equity ...............................................................................................6
Statement of Cash Flows ..........................................................................................................7
Notes to Financial Statements ..................................................................................................8
Appendix .......................................................................................................................................12
Engagement Letter .....................................................................................................................12
Audit Program for Major Accounts ...........................................................................................14
Cash ........................................................................................................................................14
Inventories and Cost of Sales .................................................................................................18
Audit Program for Receivables and Sales ..............................................................................24
Investments .............................................................................................................................28
Property, Plant and Equipment ...............................................................................................31
Liabilities ................................................................................................................................34
Owner’s Equity.......................................................................................................................36
Internal Control Questionnaires .................................................................................................39
Audit Working Papers ................................................................................................................43
Cash ........................................................................................................................................43
Accounts Receivable ..............................................................................................................47
Inventories ..............................................................................................................................52
Property, Plants and Equipment .............................................................................................63
Accounts Payable ...................................................................................................................66
Notes Payable and Receivable................................................................................................76
Shareholder’s Equity ..............................................................................................................78
Revenue and Expenses ...........................................................................................................80