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Audit Planning Memorandum

Introduction:

The purpose of this memorandum is to set out our proposed approach for the
auditing of University of San Jose-Recoletos for the year ended May 31, 2016.

Background:

The University of San Jose-Recoletos, Inc., a nonstock, nonprofit


educational institution was registered with the Philippine Securities and Exchange
Commission (SEC) on December 20, 1996 to provide, support and maintain a
Catholic educational institution. The University started operations on June 3, 2004,
upon receipt of donated assets and usufructuary rights, with assumptions of
liabilities from (Superior de la Corporacion Filipina de Padres Agustinos
Recoletos, Inc. (Superior de la Corporacion), which previously conducted the
school operations as its own activity. The university also administers funds
granted by donors for research, scholarships and other related purposes and is
governed by a Board of Trustees (BOT) whose members do not receive any
compensation. No part of the University’s revenue inures to the benefit of any
private individual.

The registered office address of the University is at Magallanes Street,


Barangay Kalubihan, Cebu City.

Respective Responsibilities

Management’s Responsibility

Management is ultimately 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 preparation of financial statements that are free from
material misstatements, whether due to fraud or error.

Auditor’s Responsibility

The audit team’s responsibility is to express an opinion on the financial


statements based on our audits. We are to conduct our audits in accordance with
the 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 are free from material misstatements.

Objectives of the Audit

Our audit shall for the purpose of forming an opinion on the basic financial
statements of the University taken as a whole.

Risk Assessment:

Materiality:

Audit Approach for each account area:

Resources and timing:

Key contacts at the entity: