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Etam Representation Letter for Annual Audit 2014

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Rahman Rahman Huq Chartered Accountants 9 Mohakhali C/A (11th and 12th floors) Dhaka-1212 16 October 2014 Dear Sirs This representation letter is provided in connection with your audit of the financial statement of ETAM International Sourcing (Shanghai) Co. Ltd., Bangladesh Liaison Office (“the Liaison Office” or “LO”), for the ended 30 June 2014 comprises the receipts and payments account and a summary of significant accounting policies
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   Rahman Rahman Huq Chartered Accountants 9 Mohakhali C/A (11th and 12th floors) Dhaka-1212 16 October 2014 Dear Sirs This representation letter is provided in connection with your audit of the financial statement of ETAM International Sourcing (Shanghai) Co. Ltd., Bangladesh Liaison Office (“the Liaison Office” or “LO”), for the ended 30 June 2014 comprises the receipts and payments account and a summary of significant accounting policies and other explanatory information, for the purpose of expressing an opinion as to whether these receipts and payments account  give a true and fair view in accordance with the basis of accounting described in note 2.2 to the financial statement. We confirm that the representations we make in this letter are in accordance with the definitions set out in the Appendix to this letter. We confirm that, to the best of our knowledge and belief, having made such inquiries as we considered necessary for the purpose of appropriately informing ourselves: Financial statement 1.   We have fulfilled our responsibilities, as set out in the terms of the audit engagement dated 6 August 2014 for the preparation and fair presentation of the financial statement (or preparation of Receipts and Payments Account that give a true and fair view) in accordance with the basis of accounting described in note 2.2 to the financial statement. 2.   Measurement methods and significant assumptions used by us in making accounting estimates, including those measured at fair value, are reasonable. 3.   All events subsequent to the date of the financial statements and for which BFRSs require adjustment or disclosure have been adjusted or disclosed. 4.   The effects of uncorrected misstatements are immaterial, both individually and in the aggregate, to the financial statements as a whole. 5.   There are no material transactions that have not been properly recorded in the accounting records underlying the receipts and payments account.  6.   Presented in the financial statement all receipts, expenditure and reimbursements and related information that are supported by the books and records from which the basic account have been  prepared. 7.   We accept the responsibility for any non-compliance regarding any legal issue such as Bangladesh Bank, Board of Investment regulations, tax and VAT regulations and other regulations applicable for us. We also ensure that we will be responsible for any penalty arising from such non-compliance. 8.   We accept the responsibility regarding all aspects of contractual agreements/informal arrangements that could have a material effect on the financial statement in the event of non-compliance. 9.    No claims in connection with any litigation have been or are expected to be received. 10.   There are no formal or informal compensating balance arrangements with any of our cash and bank accounts. Information Provided 11.   We have provided you with:    Access to all information of which we are aware that is relevant to the preparation of the financial statements, such as records, documentation and other matters;    Additional information that you have requested from us for the purpose of the audit; and    Unrestricted access to persons within the Bangladesh Liaison Office from whom you determined it necessary to obtain audit evidence. 12.   All transactions have been recorded in the accounting records and are reflected in the financial statement. 13.   There have been no communications from regulatory agencies concerning non-compliance with or deficiencies in the financial reporting practices. 14.   We confirm the following: i.   We have disclosed to you the results of our assessment of the risk that the financial statement may  be materially misstated as a result of fraud. Included in the Appendix to this letter are the definitions of fraud, including misstatements arising from fraudulent financial reporting and from misappropriation of assets. ii.   We have disclosed to you all information in relation to: a)   Fraud or suspected fraud that we are aware of and that affects the Bangladesh Liaison Office and involves:     Management;    Employees who have significant roles in internal control; or    Others where the fraud could have a material effect on the Receipts and Payments Account.  b)   Allegations of fraud, or suspected fraud, affecting the Bangladesh Liaison Office’s financial statement communicated by employees, former employees, analysts, regulators or others. In respect of the above, we acknowledge our responsibility for such internal control as we determine necessary for the preparation of the financial statement that are free from material misstatement, whether due to fraud or error. In particular, we acknowledge our responsibility for the design, implementation, and maintenance of internal control to prevent and detect fraud and error. 15.   We have disclosed to you all known instances of non-compliance or suspected non-compliance with laws and regulations whose effects should be considered when preparing the financial statements. Further, we have disclosed to you and have appropriately accounted for and/or disclosed in the financial statement in accordance with the basis of accounting described in note 2.2 to the financial statement all known actual or possible litigation and claims whose effects should be considered when  preparing the financial statement. Yours truly, (Alexia Depuydt Bernadette Agnes Jeanine) Country Manager  Appendix to the Management Representation Letter of ETAM International Sourcing (Shanghai) Co. Ltd., Bangladesh Liaison Office Definitions The following definitions assume that receipts and payments basis of accounting is the applicable financial reporting framework. When receipts and payments basis of accounting have not been used to prepare the financial statements, an appropriate equivalent definition from the applicable financial reporting framework should be used, if available. If the financial reporting framework does not contain a relevant definition, then the definition from the BSA or IFAC Glossary of Terms should be used. Material Matters Certain representations in this letter are described as being limited to matters that are material. BAS 1.7 and BAS 8.5 state the following: Material omissions or misstatements of items are material if they could, individually or collectively; influence the economic decisions that users make on the basis of the financial statements. Materiality depends on the size and nature of the omission or misstatement judged in the surrounding circumstances. The size or nature of the item, or a combination of both, could be the determining factor. Fraud Fraudulent financial reporting involves intentional misstatements including omissions of amounts or disclosures in the financial statement to deceive the financial statement users. [BSA 240.A2] Misappropriation of assets involves the t heft of an entity’s assets. It is often accompanied by false or misleading records or documents in order to conceal the fact that the assets are missing or have been pledged without proper authorization. [BSA 240.A5] Error An error is an unintentional misstatement in the financial statement, including the omission of an amount or a disclosure. [IFAC Glossary of Terms].
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