8/12/2019 01-PPC06 Audit Certificate

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Republic of the PhilippinesCOMMISSION ON AUDIT

Commonwealth Avenue, ue!on Cit", Philippines

STATE AUDITORS REPORT

The Board of DirectorsPhilippine Postal Co#po#ation$iwasan% &onifacio, Manila

'e have au(ite( the accompan"in% financial statements of the Philippine PostalCorporation,which comp#ise the balance sheet as of Decembe# )*, +-, the incomestatement, statement of chan%es in e.uit" an( cash flow statement fo# the "ea# then

en(e(, an( a summa#" of si%nificant accountin% policies an( e/planato#" notes0

Managements Responsibility for the Financial Statements

Mana%ement is #esponsible fo# the p#epa#ation an( fai# p#esentation of these financialstatements in acco#(ance with Philippine 1inancial Repo#tin% Stan(a#(s0 This#esponsibilit" inclu(es2 (esi%nin%, implementin%, an( maintainin% inte#nal cont#ol#elevant to the p#epa#ation an( fai# p#esentation of financial statements that a#e f#ee f#ommate#ial misstatement, whethe# (ue to f#au( o# e##o#3 selectin% an( appl"in% app#op#iateaccountin% policies3 an( ma4in% accountin% estimates that a#e #easonable in theci#cumstances0

Auditors Responsibility

Ou# #esponsibilit" is to e/p#ess an opinion on these financial statements base( on ou#au(it0 'e con(ucte( ou# au(it in acco#(ance with Philippine Stan(a#(s on Au(itin%0Those stan(a#(s #e.ui#e that we compl" with ethical #e.ui#ements an( plan an( pe#fo#mthe au(it to obtain #easonable assu#ance whethe# the financial statements a#e f#ee f#ommate#ial misstatement0

An au(it involves pe#fo#min% p#oce(u#es to obtain au(it evi(ence about the amounts an((isclosu#es in the financial statements0 The p#oce(u#es selecte( (epen( on theau(ito#5s 6u(%ment, inclu(in% the assessment of the #is4s of mate#ial misstatement of thefinancial statements, whethe# (ue to f#au( o# e##o#0 In ma4in% these #is4 assessments,

the au(ito# consi(e#s inte#nal cont#ol #elevant to the entit"5s p#epa#ation an( fai#p#esentation of the financial statements in o#(e# to (esi%n au(it p#oce(u#es that a#eapp#op#iate in the ci#cumstances, but not fo# the pu#pose of e/p#essin% an opinion on theeffectiveness of he entit"5s inte#nal cont#ol0 An au(it also inclu(es evaluatin% theapp#op#iateness of accountin% policies use( an( the #easonableness of accountin%estimates ma(e b" mana%ement, as well as evaluatin% the ove#all p#esentation of thefinancial statements0

8/12/2019 01-PPC06 Audit Certificate

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'e believe that the au(it evi(ence we have obtaine( is sufficient an( app#op#iate top#ovi(e a basis fo# ou# opinion0

Opinion

As state( in Notes -7*8 an( Note +9:(; to the financial statements, the balance sheetinclu(es va#ious assets an( liabilit" accounts in the total amount of P