Illustrative Report of Factual Findings

REPORT OF FACTUAL FINDINGS

XYZ Company
[Address of the Company]

We have performed the procedures agreed upon with you and enumerated below with
respect to the Schedule of Financial Information of [XYZ Company] as of ______ and for
the year ended _______. Our engagement was undertaken in accordance with Philippine
Standard on Related Services (PSRS) 4400, Engagements to Perform Agreed-Upon
Procedures Regarding Financial Information. The procedures were performed solely to
assist management in complying with the Philippine Contractors Accreditation Board
(PCAB’s) requirements in relation to the Company’s application for renewal of its license
with PCAB.

We report our findings below:

1. We obtained the Schedule of Financial Information prepared by management in

relation to XYZ Company’s application for renewal of license with PCAB (see
Annex A).

2. We checked the mathematical accuracy of the Schedule of Financial Information

and noted no exception (or explain any uncorrected exception).

3. We obtained from management a copy of the Company’s Audited Financial

Statements as of and for the years ended December 31, 20x9 and 20x8
submitted to and stamped received by the Bureau of Internal Revenue (Audited
Financial Statements) and confirmed with management that this has been the
Company’s basis in the preparation of the Schedule of Financial Information
referred to above.

The financial statements of the Company as of and for the years ended
December 31, 20x9 and 20x8 were audited by [ABC Auditing Firm] and signed
on [Date of Audit Report] by [Name of Signing Partner], with SEC/BOA
Accreditation No. ________ valid until ____________. The Audited Financial
Statements were stamped received by the BIR on _____.

4. We traced and/or recalculated all the amounts found on the Schedule of

Financial Information to the corresponding or relevant item or group of items in
the Audited Financial Statements. We found no exception (or explain any
exception).

Because the above procedures do not constitute either an audit or a review made in
accordance with Philippine Standards on Auditing (PSA) or Philippine Standards on Review
Engagements (PSRE), respectively, we do not express any assurance on the individual
accounts indicated in the Schedule of Financial Information.
 -2-

Had we performed additional procedures or performed an audit or review of the financial

statements in accordance with PSA or PSRE, other matters might have come to our
attention that would have been reported to you. 1

Our report is intended solely for submission to the PCAB in connection with [XYZ
Company’s] application for renewal of its license with PCAB and is not to be used for any
other purpose or to be distributed to any other parties. This report relates only to the
Schedule of Financial Information specified above and does not extend to any financial
statements of [XYZ Company], taken as a whole.

[Name of Partner]
Partner
CPA Certificate No. ____
SEC Accreditation No. _____ (Group A)2,
______, valid until ________
Tax Identification No. _________
BIR Accreditation No. _________
__________, valid until _________
PTR No. ______, ________, Makati City

[Date]

Notes:
1
If the Agreed Upon Procedures is being reported on by the external auditor who signed
the Audited Financial Statements, then this paragraph should be deleted.

2
Indicate also the Board of Accountancy (BOA) Accreditation Number for individual
practitioner and firm/partnership if report letterhead does not bear the BOA Accreditation
Number.