Audit Instructions 2008 (Inc App)

MAZARS SCRL
AUDIT INSTRUCTIONS
YEAR ENDED 31 AUGUST 2008
SUMMARY
BDO Atrio and Horwath Clark Whitehill LLP have been jointly engaged to perform an audit of the consolidated
financial statements of Mazars SCRL (the company) as of 31 August 2008 and for the year then ended.
Mazars SCRL prepares its financial statements in accordance with IFRS as adopted in the European Union. The
financial statements are prepared in euros.
Local auditors are requested to carry out either a full audit, or agreed upon procedures in respect of the group reporting
pack and where appropriate local entity accounts.
Depending on the instructions shown in the table below (list of subsidiaries and scope of engagement), you will
be requested to audit the consolidation package and the local financial statements of each Mazars local entity.
Local auditors are also requested to check the reconciliation between local accounts and the reporting package
prepared for consolidation in the group accounts. This is reflected in the requirement to comment on the
reconciliation in Appendix L.
This referral documentation is designed to inform you of the scope of the work we require you to perform. It addresses
among others, the following issues:
- Contacts;
- Timetable (some work, such as controls testing, should take place in September or before in order to avoid
timetable problems);
- Scope of engagement;
- Format of the key audit deliverables.
The appendices to this document include copies of the various documents we wish to be added to the BDO extranet
(details below). The timetable for completion and posting of the documents is also included below.
Appendix B2 should contain details of the audit fees agreed with local management. Mazars SCRL has requested
details of these in advance of the audit and hence the deadline for this schedule is 29 August 2008.
Appendix E constitutes an early warning memorandum, and we suggest that you arrange a meeting with your client in
early September 2008 prior to its completion.
Audit instructions 2008 page 1

Mazars SCRL group management has requested feedback from local auditors on the local Mazars firms. Last year we
requested a power point presentation format for the highlights memorandum. We continue this request for the 2008
year end. A highlights memorandum should also be presented to local entity management.
We require the highlights memorandum to include relevant comments and recommendations as we wish to
provide added value to both local entities and the group as a whole.
The highlights memorandum in Appendix H is vital for feedback to the central management. We request that a
single presentation is produced for each country (or, where not all entities within a country are audited by the local
auditor, for each group of entities covered by the auditor), although the presentation should specify to which individual
entity each issue within the presentation relates.
Contacts and coordination of the audit
To increase effectiveness, we will use the BDO Extranet to coordinate and exchange documents. If you encounter any
trouble by connecting, do not hesitate to contact by mail:
eric.damseaux@bdo.be
We will attempt to solve the problem as soon as possible.

The members of the audit team will be:
Name Office Responsibility

Mr. André KILESSE BDO Atrio Audit engagement partner
Direct line: +32 87 / 69 30 00 Rue Waucomont, 51
Email address: B-4651 Battice
andre.kilesse@bdo.be
Mr. Steve GALE HORWATH CLARK WHITEHILL LLP Audit engagement partner
St Bride’s House, 10 Salisbury Square
Direct line: +44 207 842 7262
Email address: London EC4Y 8 EH
steve.gale@horwath.co.uk UK
Mr. Eric DAMSEAUX BDO Atrio Group audit manager
Direct line: +32 87 / 69 30 00 Rue Waucomont, 51
eric.damseaux@bdo.be
Mr. Matthew STALLABRASS HORWATH CLARK WHITEHILL LLP Group audit manager
Direct line: 44 207 842 7212 St Bride’s House, 10 Salisbury Square
Email address: London EC4Y 8 EH
matthew.stallabrass@horwath.co.uk UK
The international liaison partner for BDO will be:
Marc VERBEEK BDO ATRIO

Direct line: +32.2.778.01.00 Rue Waucomont, 51
marc.verbeek@bdo.be
The service partner in charge of this engagement for HCW will be:
Mr. David FURST HORWATH CLARK WHITEHILL LLP

St Bride’s House, 10 Salisbury Square
Direct line: +44 207 842 7137
London EC4Y 8 EH
Email address:
david.furst@horwath.co.uk UK

GROUP BACKGROUND
See the Mazars website for full details of services.
www.mazars.com
Materiality level
Materiality level should be calculated locally.
However, for reporting purpose, we are interested in audit differences exceeding 100 K€.
Please report in the Summary of unadjusted differences, all errors exceeding the amount above defined. These
differences should be commented and discussed in the highlights memorandum.
Key audit issues
The following specific issues should be carefully audited as they have been identified as having the greatest audit
risks.
• Revenue recognition and work-in-progress
• Receivables (ageing, recoverability)
• Pensions
• Litigation
• Property
• Profit sharing
• Partners’ capital and current accounts
• Completeness and adequacy of the information requested in relation to IFRS.

Confidentiality
Due to the nature of this engagement, we request from all auditors involved to conduct their work with the highest level
of integrity and professionalism. You should specifically pay attention not to create conflict of interest. We request
from you to apply ethics standards as defined by the International Federation of Accountants (IFAC).
We request from you to have signed by all auditors involved in the audit of Mazars to read and sign the confidentiality
agreement (see Appendix B). Once signed, a PDF version of this agreement should be returned to us.
Timetable
Audit of the financial statements as at 31 August 2008
Item Due date Appendix

Acknowledgment and independence statement By return A
Confidentiality agreement (to be submitted locally 29 August B
to Mazars local entity)
Statement on auditor's fees 29 August B2
Audit Planning Brief 29 August C
Questionnaire on internal control environment 17 October D
Early warning memorandum 17 October E
Local audit – field work (final) September and
up to 24 October
Identified financial reporting package (including 24 October
additional schedules)
Audit questionnaire (for limited review please use 24 October F/G
Appendix G)
Highlights memorandum 24 October H
Summary of audit differences 24 October I
Clearance on reporting package 24 October J/K
(for limited review please use Appendix K)
Review of reconciliation between local accounts 24 October L
and group reporting package
Management letter 31 October M
Subsequent events review 7 November N / N1

LIST OF SUBSIDIARIES AND SCOPE OF ENGAGEMENT
A = full audit / B = agreed upon procedures / C = desk review
A (1) no audit of the consolidation pack locally ; it will be performed centrally in Paris by our team.
Audit Audit
Audit of Audit of
scope of scope of
local local
Entity Auditor consolid- Country Entity Auditor consolid- Country
financial financial
ation ation
statements statements
package package
Estudio Urien Asociados Horwath B YES Argentina Mazars Réviseurs d’Entreprises BDO Atrio A YES Belgium
Mazars & Guerard GmbH BDO Atrio C N/A Austria Mazars JDL Sencrl Horwath A YES Canada
Mazars Benin BDO Atrio C N/A Benin Martinez y Associados Ltda BDO Atrio C N/A Chile
Mazars Brazil BDO A (1) YES Brazil Mazars CPA Ltd Horwath A YES China
Mazars Cameroun BDO B YES Cameroon Mazars China Ltd Horwath A YES China (Hong-Kong)
Mazars Denmark BDO A YES Denmark Mazars Audit sro Horwath (Poland) A (1) YES Czech Rep
Sofracor BDO Atrio C N/A Djibouti Mazars sro Horwath (Poland) A (1) YES Czech Rep
Mazars Metrum BDO A NO Hungary RSM Hemmelrath Audit sro Horwath (Poland) A (1) YES Czech Rep
RSM Hungary Kft BDO A NO Hungary Mazars Mostafa Shawki BDO A YES Egypt
Mazars & Guerard Spa BDO A YES Italy BDO Atrio +
Mazars & Guerard Paris A YES France
Mazars Côte d’Ivoire BDO Atrio B YES Ivory coast R.Desprats + A.Bacot
Mazars Japon KK BDO Atrio C N/A Japan Mazars Germany Horwath A YES Germany
Mazars Saade BDO Atrio C N/A Lebanon S.N. Dhawan BDO B YES India
Mazars Luxembourg BDO Atrio A NO Luxembourg Kalyaniwalla & Mistry BDO Atrio C N/A India
Cabinet Mazars Fivoarana BDO Atrio C N/A Madagascar Mazars Ireland Horwath A YES Ireland
Masnaoui Mazars BDO A YES Morroco Mazars Mexico Horwath A YES Mexico
Mazars Romania BDO A YES Romania Despacho Freyssinier Morin SC Horwath A YES Mexico
RSM Romania BDO A YES Romania Mazars Paardekoop Hoffman NV Horwath A YES Netherlands
Law office Romania BDO A YES Romania Mazars Polska Horwath A YES Poland
ZAO Veta Mazars Horwath (Poland) A (1) YES Russia RSM Polska Sp Zoo Horwath A YES Poland
Mazars & Guerard Senegal BDO B YES Senegal Mazars Portugal Horwath A YES Portugal
Mazars Slovakia Horwath (Poland) A (1) YES Slovakia Mazars Singapore Horwath A YES Singapore
Mazars Holding Horwath A YES Switzerland Mazars Singapore Holdings Pte Ltd Horwath A YES Singapore
Mazars Tunisia BDO B YES Tunisia Mazars Moores Rowland BDO A YES South Africa
Mazars Ukraine BDO Atrio C N/A Ukraine Mazars Auditores Horwath A YES Spain
Firme d’audit Mazars BDO Atrio C N/A Ukraine Mazars Sweden AB BDO Atrio C N/A Sweden
Mazars & Guerard Vietnam BDO Atrio C N/A Vietnam Mazars Double Impact Ltd BDO A YES Thailand
Mazars Denge Horwath A YES Turkey
Mazars Chartered Accountants Horwath B YES UAE
Mazars LLP HCW LLP A YES UK
Mazars West LLC Horwath C N/A USA (CA)
Mazars LLP Horwath C N/A USA (NY)
Mazars Venezuela BDO A YES Venezuela

Audit Scope
• Definition of scope A/B/C
- Scope A: entities require a full audit necessary to support an auditors’ opinion. Local
auditors should perform specific procedures to be able to complete the audit questionnaire.
- Scope B: entities are subject to a limited review based on agreed upon procedures to be
performed. These agreed upon procedures should cover the following areas :
 Review Revenue recognition and work-in-progress

 Receivables (ageing, recoverability)
 Partners' financial interests and remuneration: the aims of this procedure are to
get an understanding on the following issues:
How local partners finance the local entity (equity, current accounts,
unpaid/deferred remuneration)?
How local partners earn their fraction of the local result and their rights to
shared surplus (bonus, dividend)?
As a result of these procedures, we expect to receive:

 a short but descriptive summary of the local practice
 a highlight of your findings
This engagement shall be undertaken in accordance with the International Standard on Related
Services (ISRS 4400) applicable to agreed-upon procedures engagements. The procedures are
performed solely to assist us in the process of our audit of the consolidation of the Mazars
organisation.
- Scope C: entities will be reviewed directly by the group auditors based on documentation
to be received from the local management. Local auditors will not be involved in this process.
• Definition of local audit
The audit of the local financial statements, where required, should be performed with the same scope of
work (i.e. audit or limited review based on agreed upon procedures) as the audit of the consolidation pack
(scope A or B).

Engagement Letter
We ask you to include in your local engagement letter a “non solicitation” clause. We suggest using the
following example:
“As accounting and advisory firms, we conduct our business in the same market segments and it is possible
that we will have a business relationship with the same clients or targets. Accordingly, we may find that we
are asked to take part in the same tender process, such as for the appointment of statutory (contractual)
auditors. This situation has been considered and understood by the management of Mazars [name of local
entity] and [name of your firm].
Mazars [name of local entity] and [name of your firm] commit to behave in a fair manner in such cases
and with professional integrity.
Furthermore Mazars [name of local entity] and [name of your firm] each confirm that they will not use
any knowledge gained directly or indirectly from the audit of Mazars [name of local entity] in order to
entice or seek to entice a partner or member of staff from each other.”

Appendix A
CONFIRMATION
To: Mr Andre Kilesse/ BDO Atrio

Mr Steve Gale/ Horwath Clark Whitehill LLP
From: Jose Martínez / BDO Guillen, Martínez & Asociados
Subject: Mazars SCRL
Name of subsidiary/i Adrianza, Garcia &Asociados / Mazars Venezuela, C.A

We have received the Mazars Group Audit Instructions and related appendices.
We accept the instructions and confirm that we will meet the deadlines and report in the format as
instructed by you.
We confirm that we are familiar with IFRS and International Standards on Auditing (ISA), and we will
conduct our audit and will issue reports in accordance with such principles and standards.
We confirm that our Firm and all personnel assigned to the engagement are independent, as defined by the
IFAC Code of Ethics for Professional Accountants (Section 8) in relation to Mazars and its subsidiaries.
The followitails are enclosed:
1. A description of the non-audit services provided to the client, including the fees chargeable.
2. Any identified threats to independence and the safeguards implemented to mitigate those threats.
Signed: ________________________________________________ Date: __________________________

Audit Engagement Partner Jose J. Martinez P.

Appendix B
CONFIDENTIALITY AGREEMENT
(To be submitted locally to Mazars local entity)
To: Mr. Andre Kilesse/ BDO Atrio

Mr . Steve Gail / Horwath , Clark Whitehill
Subject:Mazars SCRL
Name of subsidiary/iesAdrianza, Garcia & Asociados / Mazars Venezuela, C.A.
• As you will be aware we will be undertaking an audit of Adrianza, Garcia & Asociados / Mazars
Venezuela, C.A. for the year ended 31 August 2008.
As a firm we regard this appointment as one of key importance. The nature of our role, our independence,
and our own professional position require us to conduct and be seen to conduct our work with the highest
level of integrity and professionalism. It is imperative that we do not compromise our position nor create
any conflict of interest.
Accordingly, all partners and staff involved in this engagement must adhere to the following requirements:
- Client confidentiality must be maintained at the highest level.
- All matters in relation to this work, including information obtained, must not be discussed or shared
with any other partner or member of staff not involved in the engagement.
- Any staff approached or asked by other partners or staff to disclose information regarding this
assignment must not do so and notify Jose Martinez of this immediately.
- All matters in relation to this work, including information obtained, must not be disclosed or shared
with any third party at any except circumstances where there is a legal duty to do so.
Any breach of the above requirements will be taken very seriously and may result in disciplinary action.

DECLARATION
I have read and understood the contents of this letter and agree to adhere to the requirements set out herein.
First name Last name Position Signature Date
Jose Martinez Audit Partner 9/15/2008
Rafael Gonzalez Audit Partner 9/15/2008
Alfonso Jauregui Tax Partner 9/15/2008
Leonardo Guillen Audit Manager 9/15/2008
Richard Rodriguez Tax Senior 9/15/2008
Yanny Blanco Audit Semi Senior 9/15/2008
Wendy Rondon Audit Staff 9/15/2008

Appendix B2
AUDITORS FEES (PLANNED)

Subject:Mazars SCRL
Name of subsidiary/ies Adrianza, Garcia & Asociados / Mazars Venezuela, C.A.
This schedule should be provided to us for information only.

Local audit fees are to be agreed (as disclosed in the tender) and charged locally.
In order to coordinate the global engagement, we need to get an overview on the fees and hours spent.
Therefore, we require you to provide us with the following information:
- Fees in relation with the annual audit
- Fees in relation with other services (please describe)
You are requested to fulfil the following table:
Annual audit Currency
Audit fees
Out of pocket expenses
Audit hours
Partner hours
Manager hours
Other hours
Appendix C

AUDIT PLANNING BRIEF

Subject:Mazars SCRL
Name of subsidiary/ies Adrianza, Garcia & Asociados / Mazars Venezuela, C.A.
The audit planning brief should at least include the following items:
• Client’s Business, Market Forces, Environmental Factors and their effects on the Audit
Scope and Audit Strategy
 Mazars in Venezuela has two entities 1) Adrainza Garcia & Asociados ( Auidit and Tax
Services) and 2) Mazars Venezuela ( Outsourcing and others services)
 We will perform a full scope audit on the combined financial statements of Adrianza ,
Garcia & Asociados and Mazars Venezuela as of August 31 , 2008
 The audit strategy will be based on results of our evaluation of the internal control . with
respect to the internal control , we will evaluated the control environment, and we will
perform narrative , walkthrough and testing for most important cycles as
revenues /account receivables / Cash , payroll and payments
 The market of the firm is mainly focused on a medium and Small companies . most of
them in the financial business ( Banks and Brokers)
 The main clients of Mazars in Venezuela is Banco Venezolano de Credito, which is one of
the most remarkable and conservative banks in Venezuela
• Important Accounting and Auditing Issues

 Policies applied for revenue recognition and accounting of the work in progress . We will
apply audit procedures to determine the appropriate recording of the revenues and the
work in progress
 Preparation and presentation of the financial statements in accordance with international
accounting standard and international financial reporting standard
 Evaluation of any litigation that could affects the financial statements at the end of the
year

• Control Environment, Entity-Level Internal Control and Risk of Fraud, Risk-Management
(please refer to the questionnaire on internal control environment, appendix D)
• Our audit procedures will cover the following aspects:
 The procedure of the firm to accept new clients or declined risky clients
 Application of the ethical rules in the relationship with the clients to prevent any that
could have effect on the financial statements and ethical values applied in the firm . We
will evaluate the independence of partners and personnel with respect to the clients
 The knowledge of these ethical rules in all levels of the firm
• Stakeholder Influences
• Planning Materiality
Our Preliminary materiality is US$ 25,000 , which was determinate taking 1% of the projected
combined revenues as August 31, 2008
• Audit strategy
Revenue recognition and Work in progress:

 Review of the proposal opened on August 31 2008
 Review of the fees related with these proposal al closing date that were billed as off that
day
 Review of the hours budgeted versus hours incurred
Account Receivables
 Confirmation letters
 Review of the collection after the balance sheet date
Litigation
Letters confirmation to the attorney of the firm
Partnes Capital
 Review of the deed partnership and the statutes of the firm in order to confirm the
percentage of participation of the each partner
 Review of the distribution of the net income at the closing date
 Review of the advances to partners along the year

• Local audit team
• Jose Martinez ( Audit engagement partner)
• Rafael Gonzalez ( Second partner)
• Alfonso Jauregui ( Tax Partner)
• Leonardo Guillen ( Audit engagement partner)
• Richard Rodriguez ( Tax Senior)
• Yanny Blanco ( Audit Semi Senior)
• Wendy Rondon (Audit Staff)
• Local timetable
Our Field Work will be performed between October 2 and October 11 2008.
• Other important items
Signed: _________________________________________________ Date: __________________________

Jose Martinez Audit Engagement Partner

Appendix D
QUESTIONNAIRE ON INTERNAL CONTROL ENVIRONMENT
To: (Name of group auditor)
From: (Name of local auditor)
Subject:Mazars SCRL
Name of subsidiary/ies
The control environment of an accounting firm might include the following elements, which are largely
drawn from ethical considerations. The type of considerations will depend on the type of services that are
being provided by the firm however:
Time recording, work in progress and billing

Please provide specific information in respect of the below and any comments you may have
concerning the recording and valuation of work in progress:
a. Describe the procedure used by the entity to ensure that all partner and staff time is recorded in the
WIP system;
b. Describe the procedure for valuing work in progress, is software used and how does it link into the
accounting software;
c. How is the standard rate (chargeout rate) calculated which is used to value work in progress;
d. What procedures operate to follow up work in progress (for example comparison to budgets), and
historically have year end provisions been accurate compared to actual overturn?
e. What procedures operate to ensure all bills and credit notes are authorised?
f. Describe the procedure in respect of debt collection and credit control (including procedures for
new clients)

Does the firm have adequate controls over the payment of remuneration and expenses to
staff and partners?
Consider:
• Is there a written policy that is understood by all staff and partners?
• Is there appropriate review and authorization of expense claims?
• Document your understanding of how partners’ expenses are reimbursed, e.g. partners’
cars, private health insurance, partners’ pension contributions, etc
What do management consider to be the main fraud risks and what procedures are in place
to mitigate those risks?
Consider:
• Controls over expenses and overtime
• The risk of a deliberate misstatement of results in order to manipulate an individuals or an
offices overall results
Does the firm apply Ethical Standards that will comply with the requirements of the Code
of Ethics issued by the International Federation of Accountants (IFAC)?
Consider:
• What processes does the firm have to resolve ethical issues that arise?
Does the firm have acceptance procedures for new clients and reappointment procedures
for existing clients?
Does the firm consider:
• If it has appropriate and sufficient expertise;
• Availability of resources to undertake the assignment;
• If the engagement carry a higher than normal risk, e.g. audit of a listed company or public
interest entity,
• Does the client operate in a regulated industry?
Does the firm ensure independence from its clients?

Does the firm have policies and procedures to ensure independence?
Such policies and procedures might cover:
• Shareholdings in clients;
• Personal relationships with the client, including through family connections;
• Long-association with the client, particularly on audit assignments

• Provision of non-audit services to audit clients
• Undue dependence on particular clients, for example due to size of fees earned
• Accepting and offering gifts and hospitality to clients
Does the firm monitor the quality of work in its practice areas?
Consider:
• Does the firm have sufficient and appropriately qualified staff?
• Do staff continue to receive appropriate training and is this monitored?
• Does the firm perform internal quality reviews or receive such reviews from a third
party?
• Does the firm have a process for dealing with complaints and resolving disputes?
Does the firm operate in a regulated environment?

Is the firm regulated, for example by an Institute or similar regulatory body?
Has the firm encountered any problems with its registration and is it currently subject to any disciplinary or
remedial action? (If so, understand the circumstances and review the actions being taken)
These are not intended to be exhaustive considerations and you should consider any other relevant
controls that the entity operates.

Appendix E
EARLY WARNING MEMORANDUM (EWM)
Subject:Mazars SCRL
The EWM should allow us to identify on a timely basis any significant audit issues that may need to be
discussed at the local or group level.
We consider it to be a key measure of the quality of our service to our client to be able to effectively
resolve issues as early as possible.
We expect the EWM to address at least the following issues:
- Reporting or audit timetable problems
- Auditing or accounting issues (changes, issues that require judgement in the determination of
accounting treatment or valuation, etc)
- Irregularities/Illegal acts
- Significant internal control deviations or weaknesses
- Going concern problems
- Issues that could lead to qualification on the opinion
We ask you to use the EWM format shown hereafter.
Issues Action required Management comments (if useful)
Appendix F

AUDIT QUESTIONNAIRE
________________________
To Be Used By Auditors of Subsidiaries Of Mazars and Affiliates
For the Year Ended: August 31, 2008
Name and Address of Subsidiary:
ADRIANZA, GARCIA & ASOCIADOS / MAZARS VENEZUELA, C.A.

Av. Principal el Bosque c/C Santa Lucia, Torre Credicard, Piso 5, oficina 54- El
Bosque, Caracas, 1062 Venezuela, Tel.: (58 212) 951 09 11,
Fax (58 212) 951 08 94
Name and Address of Auditors (Receiving Office):
BDO Guillén Martínez & Asociados

Av. Fco. De Miranda, Parque Cristal Torre Oeste, Piso 11, Oficina 11-03,
Urb. Los Palos Grandes, Caracas – Venezuela, Telfs: (58 212) 287 07 07
(Master), (58 212) 285 80 85, Fax: (58 212) 287 06 64
Confirmation Statement
The information provided in the attached questionnaire is fairly stated and reflects the accounting and auditing
procedures used during the course of the current year's audit of the above named subsidiary's financial
statements.
Signed: _________________________________ Date: Octuber 28, 2008__________________________

Jose J. Martinez P.
Signed: _________________________________ Date: Octuber 28, 2008 __________________________

Rafael J. Gonzalez O.

Instructions for Completion of Questionnaire
1. A separate questionnaire should be completed for each subsidiary or subsidiary group whose accounts
are audited and reported upon by you. This questionnaire has been developed with a view toward
informing the parent company's auditors of the auditing procedures carried out as reflected in
completed audit programs and working papers. It will also be used to form a basis for an evaluation of
the accounting details forwarded by the subsidiary companies for the purpose of preparing the
consolidated financial statements.
2. The questionnaire has been prepared as a standard form covering many different conditions in
connection with the subsidiary companies and, therefore, may appear more detailed than necessary to
the individual company. The questionnaire is not to be used as a substitute for your audit program but
should be read and used in your audit planning process to minimize NO answers.
3. The referring office should be informed during the planning process of any procedures that will not be
performed.
4. The questions are prepared such that they may, to a great extent, be answered by either YES or NO.
Provide a brief explanation of NO answers. In addition, copies of schedules should be attached, if
necessary, to provide a better understanding of the points involved.
5. There may be questions that are not relevant in your actual situation; therefore, it is requested that these
questions be answered N/A (not applicable). N/A responses should be explained.
6. Return a signed copy of each completed questionnaire to the audit engagement partner of the parent
company no later than the date specified in the audit instructions.
8. You should attach to the completed questionnaire:
• A copy of the notes of any significant decisions and supporting memoranda (in English).
• A report summarizing significant matters you discussed with directors and management (in
English).
• A summary of adjustments passed on by us or not agreed by management

Yes No N/A Explanation
I. GENERAL
1. Auditing Standards:
a. Was your audit conducted in accordance with the auditing
standards set forth in the audit instructions sent by us? X
b. Was the audit carried out without any restrictions placed upon
the scope of your work? X
2. Accounting Standards:
a. Are you satisfied that the company's financial statements are
prepared according to the accounting principles set forth in the
audit instructions sent by us? X
b. Does the consolidation package provide details of all matters
that must be adjusted or disclosed to the parent company's
auditors? X
c. Do the company's financial statements adequately disclose all
significant accounting policies employed? X
d. Are you satisfied that there are no inconsistencies in the
application of accounting policies in the current year as
compared with the previous year? X
e. Have changes in accounting principle, accounting estimates,
reporting entity, or corrections of errors in previously issued
financial statements been properly accounted for and, where
necessary, disclosed in the company's financial statements? X
f. In preparing the group return, has the entity complied with the
accounting instructions issued by Mazars SCRL? X
g. Are revenues recognized only when earned and realized or
realizable and collection is reasonably assured? X
3. Internal Control:
a. Did your review of the company's internal control structure
support the nature, timing, and extent of audit tests applied? X
b. Did you obtain written evidence of the company's internal
control structure and transaction flow by means of:
1) A questionnaire or checklist? X
2) A narrative and/or flowchart description of the client's
procedures? X
c. Have you adequately assessed and tested the controls? X
d. If the company has a computer installation or makes use of a
computer service bureau for its significant accounting records,
have you satisfied yourself with the controls (e.g., obtained a
third party report on the design and operating effectiveness of
the controls at the computer service bureau)? X

e. If there are any material weaknesses or significant deficiencies
(reportable conditions) in the system of internal control or its
operation: There is not
1) Have they been reported in writing to the material
management/board of directors of the company and the weaknesses or
parent company's auditors? If the reportable conditions significant
are not separately identified in a letter, please provide us deficiencies in
with a separate listing of the material weaknesses and the internal
significant deficiencies. If they are identified, please control of the
provide us with a copy of the letter to the company. X company.
2) Have you been able to apply audit procedures to
compensate for the weaknesses? X
3) Have steps been taken by management to correct There is not error
weaknesses noted in prior years' management letters, or weaknesses
where one has been received? X in priors years
4) Has appropriate action been taken by management to
correct the material weaknesses identified during the
current audit? X
5) Have all material errors and suspected or actual
irregularities disclosed by your audit been communicated
to management and to us? X
4. Audit Documentation :
a. Did you use a written detailed audit program? X
b With respect to the nature and extent of documentation for a
particular audit area or audit procedure in your working
papers, did your engagement team consider the following
factors :
• Risk of material misstatement associated with the
assertion, or account or class of transactions
• Extent of judgment involved in performing the work
and evaluating the results
• Nature of the auditing procedure
• Significance of the evidence obtained to the assertion
being tested
• Nature and extent of exceptions identified
• The need to document a conclusion or the basis for a
conclusion not readily determinable from the
documentation of the work performed? X
c. If applicable, did your working papers contain abstracts or
copies of significant contracts or agreements when your
engagement team examined the entity’s accounting for
significant transactions? X

d. Did your working papers contain documentation of the
identification of items tested (e.g., indication of the source
from which the items were selected and the specific criteria
used) for tests of operating effectiveness of controls and
substantive testing of details involving the inspection of
documents or confirmation? X
e. Were your working papers sufficient to enable members of
your engagement team with supervision and review
responsibilities to understand the evidence obtained and the
nature, timing, extent and results of the auditing procedures
performed as well as indicating who on the engagement team
performed and reviewed the work? X
f. Did your working papers contain documentation of all
significant audit findings or issues, the action(s) taken to
address them (including any additional evidence obtained),
and the basis for the final conclusions reached by the
engagement team? X
g. Was the program reviewed by a partner to determine its
appropriateness? X
h. Did your audit working papers cover all important segments of
the audit? X
i. Were the working papers and financial statements reviewed by
a partner prior to issuing your opinion? X
j. Was a concurring review of the working papers and financial
statements performed prior to issuance X
k. Did you obtain a letter of representation from the company
management that covered all important aspects of the
engagement, including availability to you and completeness of
financial records? X
5. Analytical Procedures:
a. Did you design substantive analytical procedures? X
b. Have you received, and been able to substantiate the validity
of, explanations for variations from expected results and
trends? X
c. When an analytical procedure is used as the principal
substantive test of a significant financial statement assertion,
do your working papers contain sufficient documentation of
(a) the expectation for each analytical procedure and the
factors considered in its development, (b) the results of the
comparison of the expectation to the recorded amounts or
ratios developed from the recorded amounts, and (c) any
additional auditing procedures performed in response to
significant unexpected differences arising from the analytical
procedure and the results of such additional procedures? X

6. Intercompany Balances and Transactions:
a. Have intercompany accounts been confirmed? X
b. Have differences noted been corrected and entered in the final
financial statements? X
c. Has all information required for consolidation been supplied to
us in the consolidation accounting package and audited by you
for the following classes of intercompany accounts and
transactions?
1) Receivables and payables? X
2) Inventories obtained from or supplied to other group The company
companies? does not have
X inventories
3) Purchases and sales? X
4) Stockholdings? X
5) Dividends? The company
did not
approved
X dividends
6) Interest? X
7) Management charges? X
8) Guarantees and indemnities, including those given to
third parties on behalf of other members of the group? X
9) Assets owned by company and leased to other group
members? X
10) Assets leased from other group members? X
7. Subsequent Events (i.e., between balance sheet date and report
date):
a. Have major transactions since year-end been reviewed to
determine that there are no matters that require adjustment or
disclosure in the financial statements or the consolidated
accounting package? X
b. Were you satisfied that all material transactions have been
recorded in the proper period? X
8. Related Party Transactions:
a. Have you audited related party transactions? X
b. Has sufficient disclosure of related party transactions been
made in the consolidated accounting package? X

9. Books of Account:
a. Have you ascertained that the amounts in the financial
statements and supporting data have been accurately extracted
from and are in agreement with the books of account, and that
the aggregates of individual balances (such as cash, accounts
receivable, accounts payable, etc.) are in agreement with the
control accounts? X
b. Have unrecorded proposed adjustments been evaluated. At the end of the
year, there is not
proposed
X adjustment
10 Partners’/Directors' and other similar meetings:
a. Have you read copies of the minutes of meetings of the
directors, officers, or other major decision making committees
of the company? X
b. Do the financial statements reflect or disclose significant
transactions and commitments disclosed and approved in the
minutes? X
11 Exchange Control: In Venezuela
a. Are you satisfied that there are no exchange control there are
restrictions on the remittance of money to Mazars SCRL? Exchange
Control
Restrictions
since February,
X 2003
b. Has the company obtained consent for investments and
remittances to the date of the balance sheet, which are subject
to exchange control regulations? X
12 Other Matters: There are not
a. Do the company financial statements or the consolidation disclose
accounting package disclose violations of regulations of any violations of
government or outside bodies that you discovered through regulation of
normal audit procedures and that may have a material effect any government
on the financial statements? or outsides
X bodies
b. Have you notified us of any acts of the company you are There are not
aware of that are, or appear to be, illegal? X any illegal acts
c. In respect to subsidiaries in countries where there is a statutory
obligation to keep financial and other related records in a
certain manner, have these requirements been met? X
d. Did you plan your audit to search for errors or fraud that
would have a material effect on the company's financial
statements? X

e. Did you assess and document the risk of material misstatement
of the financial statements due to fraud in accordance with
ISA 240, the auditor’s responsibility to consider Fraud in an
audit of financial statement. Consider the assessment in
designing adequate audit procedures to be performed?[ X
f. Have you discussed potential management letter comments
with local management? X
g. Are you satisfied that the financial statement classifications are
comparable between years?
If any adjustments have been made to comparative figures
from those shown in the previous year's financial statements,
have they been reflected in the financial statements you are
reporting on? X
h. Are you satisfied there are no other matters of which we
should be aware as auditors of the parent company? X
i. Did you make inquiries regarding oral guarantees that will
have a material effect on the company's financial statements? X
13. Sub-Consolidations:
a. Are the financial statements of all subsidiaries prepared for the
same period as that of the parent? X
b. Are the accounting policies of all subsidiaries consistent with
those of the parent company? X
c. Have the financial statements of all significant subsidiaries
been audited and were all opinions unqualified? X
d. Have changes, if any, in composition of the sub-group during
the period been properly recorded and disclosed in the sub-
consolidation? X
e. Have all significant inter-company transactions, balances and
profits been eliminated on consolidation? X
f. Are undistributed earnings of subsidiaries freely remittable to
the parent? X
g. Do financial statements provide for estimated tax liability on
the portion of the subsidiary's profits that are expected to be
remitted to the parent company in the foreseeable future as a
taxable transaction? X
II. BALANCE SHEET ACCOUNTS:

A – CASH
1. Have bank balances been verified and have other related matters
confirmed by the banks been properly reflected in the company's
financial statements or the consolidation package? X

2. To insure that a proper cut-off of cash was made, did you obtain
bank statements for the period after year-end, directly from the bank
and perform audit procedures such as:
a. Comparing the information shown on [cancelled checks and]
bank statements (e.g., direct debits) to the outstanding check
data reflected in the year-end reconciliations? X
b. Tracing outstanding deposits on the reconciliation to the cut-
off bank statement and ascertain that the time lag is
reasonable? X
c. Ascertaining that material outstanding checks not clearing the
bank are proper? X
d. Determining that other material reconciling items that are
neither deposits in transit nor outstanding checks are
appropriate reconciling items? X
3. Have any large or unusual transfers between bank accounts,
affiliates, subsidiaries, or other unusual transactions, occurring just
before or after year-end, been adequately explained and, if necessary There are not
for consolidation, been reported to us? X unusual transfer
4. Have material bank overdraft balances been properly reclassified as
short-term debt, unless the right-of-offset exists? X
B – RECEIVABLES
1. Are you satisfied with the procedures for cut-off and have you tested
for periods just before and after year-end? X
2. Has a reasonable sample of accounts receivable confirmations been
obtained? X
3. For those significant accounts for which it is not practicable or
reasonable to confirm, or for which accounts receivable (regardless
of size) confirmation replies are not received in response to positive
requests, have you been able to adequately satisfy yourselves as to
the validity of such accounts receivable by alternative procedures,
which include examining invoices, shipping documents,
correspondence, and subsequent remittances? X
4. If confirmation procedures were carried out at other than the balance
sheet date, have the detailed balances been agreed with the ledger
control at both the date of confirmation and the balance sheet date,
and has the control account been investigated for any unusual
entries in the intervening period? X
5. Does the company have a consistent policy of providing allowances
for uncollectible and doubtful debts, and do you consider the
provision adequate, but not excessive? X
6. Have you inquired of officials responsible for the credit control
function and examined credits issued and write-offs since year-end,
to see that an appropriate allocation of charges has been made to the
current year? X

7. Have you obtained reasonable explanations of trends in the ages of
the receivables, and ratios of sales to receivables, allowances, and
bad debts? X
8. Have you determined through appropriate audit procedures that no
receivables are pledged except as disclosed? X
9. If any receivables are the result of sales on installment agreements,
have details been provided in the financial statements or the
consolidation accounting package? X
10. If any receivables have arisen other than as a result of normal
operations, have you adequately satisfied yourself as to their
collectibility? X
11. Have long-term loans been confirmed by the borrower? There are not
X long term loans
12. Have you reviewed and determined that the company has a
satisfactory procedure for identification, control, and recovery of
past due accounts? X
C WORK IN PROGRESS
1. Are you satisfied that work in progress represents the recoverable
amount of the work undertaken either on the percentage of
completion or the completed contract method? X
2. Has adequate provision been made where the recoverable amount is
less than the gross work in progress, taking into account
uncertainties and historical levels of write-offs? X
3. Is there evidence that work in progress may be recovered at an
amount greater than the book value? X
4. Has contingent work in progress been valued at zero except where
there is evidence that the contingent event has occurred after the
year-end? Where contingent work in progress is valued, is it at the
lower of cost and net realizable value? X
5. Where there are negative work in progress balances, have these
been properly classified as income received in advance? You should
consider whether any of these balances have been released to profit. X
6. Where interim bills have been raised, has only that part which
represents the degree of work completed to date been taken to
income, with any excess carried as deferred income? X
7. Have you discussed significant work in progress balances with the
engagement partner involved? X
D – INVESTMENTS The Company

does not have
1. Did you verify the existence and ownership of significant
significant
investments?
X investment
2. Is there adequate documentation to support the valuation of
unquoted investments? X

3. Are you satisfied that there has been no other-than-temporary
impairment requiring the write-down of the carrying amounts of any
investments? X
4. Does the company's financial statements or the consolidation
accounting package give details of investments pledged at the
balance sheet date? X
5. Investment income:
a. Are you satisfied that investment income has been included in
the company's financial statements in all material respects? X
b. Have premiums and discounts on fixed term bonds been
appropriately amortized? X
6. Have significant gains or losses on disposals, or changes in market
value, between the dates of the balance sheet and your opinion, been
disclosed in the company's financial statements or the consolidation
7. a. Have investments where the company is able to exercise
significant influence over the operating and financial policies
of the investee corporation been properly accounted for on the
equity method? X
b. In respect to the investee corporation financial statements that
were used as a basis for current year's earnings under the
equity method of accounting:
1) Did the statements cover the same period as that for the
company upon which you are reporting? X
2) Were the financial statements audited and an unqualified
opinion expressed? X
3) Have you supplied us with a copy of the statements? X
c. Have you reviewed the transactions with the company's
investees and confirmed balances with them? X
d. Have intercompany profits been eliminated before including
the company's proportionate share of operations? X
8. Have marketable equity securities been accounted for in accordance
with IFRS, and have the required disclosures required been given in
the financial statements? X
E – PROPERTY AND EQUIPMENT

1. Is the company's policy of capitalization and depreciation in
accordance with instructions, if any, from the parent company and
consistent with the previous year? X
2. Have significant additions and disposals during the year been
verified? X
3. Are items of property and equipment stated at original cost? X

4. Have the details of leases that should be capitalized been reported in The Company
the financial statements or report package? does have any
leases to be
X capitalized
5. Are you satisfied that any impairments or disposals of the
company's long-lived assets have been properly accounted for and
disclosed? X
6. Are the methods and rates of depreciation reasonable, having regard
to the circumstances of the company and the nature of the assets? X
7. Is depreciation provided on all items of property and equipment
(other than land) not fully written off or carried at salvage value? X
8. Have details of any items acquired from or sold to affiliated
companies been reported in the company's financial statements or
the consolidation accounting package? X
9. Are you satisfied that there are no exceptional or additional
depreciation charges, or circumstances that could warrant such
charges in the future? X
10. Have major transactions since year-end been reviewed by you to
determine that there are no matters that require adjustment or
disclosure in the financial statements? X
11. Have you made tests of deferred taxes arising from depreciation
temporary differences? X
12. Does the company make regular provision for costs of repairs and
replacements required under the terms of any long-term leases? X
F – OTHER ASSETS
1. Have goodwill and other intangible assets been appropriately
accounted for in accordance with IFRS as applicable? X
2. Have you substantiated the ownership of assets, such as patents and
trademarks? X
3. Have you satisfied yourselves that the company's intangible assets
have been appropriately tested for impairment and their carrying
values adjusted, if necessary, in accordance with IFRS? X
4. Has the cash surrender value of life insurance policies been
confirmed? X
G – ACCOUNTS PAYABLE AND OTHER LIABILITIES

1. Were accounts payable verified by confirmation or alternative
procedures? X
2. Are you satisfied that there are no recorded liabilities or provisions
that are materially less than or in excess of requirements? X

3. Have all liabilities or contingent liabilities relating to employee
benefits (e.g., pensions, termination pay, etc.) been recorded or
disclosed in the company financial statements or the consolidation
4. Have liabilities that are collateralized been disclosed in the financial
statements or the consolidation accounting package? X
5. With respect to reserves established for specified purposes, have you
ascertained that charges against those reserves are in accordance
with the intent of the account and should not have been charged
directly against income? X
6. Have you made tests of unentered invoices, cash disbursements, and
unmatched receiving reports for the period after the balance sheet to
determine that adequate accruals were provided? X
7. Is the basis of deferring income reasonable and consistent with the
prior year? X
H – TAXATION
1. Have the tax provisions been audited by the audit engagement team
and reviewed by a tax specialist in your firm? X
2. Have you reconciled book income to taxable income? X
3. Are you satisfied that deferred taxes are based on reasonable
evidence? (Please provide a summary schedule supporting deferred
taxation amounts.) X
4. Has adequate, but not excessive, provision been made for taxes
payable, and in particular in relation to profits, distributions, and
capital gains? X
5. Have previous years' liabilities been agreed to returns filed with the
taxing authorities? X
6. Have you ascertained that there are no material items in dispute with There are not
the taxing authorities that have not been accrued or disclosed in the material items in
company's financial statements or the consolidation accounting dispute with the
package? X Tax Authorities
6a. Have you reviewed correspondence with the taxing authorities,
returns filed with them, and payments made during the year? X
7. Do the company's financial statements or the consolidation
accounting package:
a. Describe the basis on which tax is computed, including
deferred taxes? X
b. Distinguish those items that are payable in more than one year
from those that are currently payable? X
c. Disclose the details of loss carryovers and carrybacks? X
8. Has the company complied with regulations of the taxing authorities
that could have a material effect on its financial statements? X

9. In the case of a subsidiary, has full provision been made for any tax
on dividends paid or accrued? X
I – LONG- AND SHORT-TERM DEBT

1. Have confirmations been obtained from lenders for material loans? X
2. Have you confirmed debt paid off during the period? X
3. Have you examined the cancelled instruments? X
4. Have you agreed new and retired debt transactions to authorizations
and cash receipts and disbursements records? X
5. Have you accounted for unissued debentures, bonds, notes, etc.? The Company
does not have
any debentures,
X bonds, notes
6. Has the company complied with restrictions or covenants imposed The Company
either by regulations or by the terms of the lending agreements? does not have
any restrictions
o covenants
X beside Mazars
accounting package provide full details of:
a. Interest rates? X
b. Repayent terms? X
c. Security and guarantees? X
d. Restrictive covenants? X
e. Sinking fund requirements? X
J – CAPITAL STOCK/PARTNERS’ CAPITAL

1. Are the amounts and descriptions of stock authorized, issued, and
outstanding in accordance with the legal instruments, that regulate
the company, and in accordance with statutory requirements? X
2. Have changes in capital stock during the year been:
a. Properly authorized as required by regulations of the company
and by statute? X
b. Disclosed in the company's financial statements or the
consolidation accounting package? X
c. Vouched by you with cash proceeds or disbursements, or other
receipts or distributions of property? X
3. Where an independent transfer agent keeps the company’s capital
stock register, have you obtained confirmation of shares issued and
outstanding? X

4. If capital stock has been issued for consideration other than cash,
have you been able to satisfy yourselves that a fair value has been
attributed to the capital stock and that additional paid-in capital has
been appropriately treated? X
5. If stock or stock options have been issued to employees, have these The Company
transactions been accounted for in accordance with IFRS, as does not have
applicable? transactions
issued to
X employees
K – OTHER RESERVES/PARTNERS’ ACCOUNTS

1. Has the company complied with and disclosed in its financial
statements or the consolidation accounting package any restrictions
imposed by the directors, company by-laws, statute, or third parties
regarding the classification of reserves, the creation of special
reserves, or restrictions on the application of such reserves? X
2. Have the tax consequences of any changes in reserve balances been
appropriately treated? X
3. Have you ascertained that there are no dividends in arrears? X
4. In the case of dividends accrued but not paid at the date of the
balance sheet, have you supplied us with particulars of the dates or
anticipated dates of authorization, declaration, and payment? X
5. With respect to special reserves set up through appropriation of
retained earnings, have you ascertained that they are still required? X
6. Have you checked that drawings to partners in the year do not
include expenses of the business? X
7. Have you checked that there are no unusual entries to partners’
current accounts? X
III. INCOME STATEMENT

1. Have you – after an analysis of the income statement accounts –
received satisfactory explanations of unusual variations as compared
to previous years, as well as other conditions of special character? X
2. Have extraordinary items or exceptional charges and credits been
IV. CONTINGENCIES AND COMMITMENTS

1. Have loss contingencies been provided and/or has appropriate
disclosure been made? X
2. Have you determined that contingent liabilities have been properly
accounted for and disclosed, including, for example, the following:
The Company
a. Current or imminent litigation, including written inquiry and does not have
response from the company's legal counsel as to the nature of any contingent
the matter and the expected outcome? X liabilities

b. Guarantees given to third parties? X
c. Financial instruments (foreign exchange transactions)? X
d. Claims for back compensation by employees? X
e. Possible additional taxes for prior periods? X
f. Sale, pledge, or assignment of accounts receivable with
recourse? X
g. Endorsement, discount, sale, or transfer of notes, trade, or
bank acceptances? X
h. Employment agreements? X
i. Inadequacy of the company's insurance? X
3. Are material capital and expense commitments disclosed in the
company's financial statements or the consolidation accounting
package? X
4. Have the details of rental expense and lease commitments been

Appendix G
LIMITED REVIEW QUESTIONNAIRE

_________________________
To be used by Reviewers of Subsidiaries Of Mazars and Affiliates
For the Year Ended August 31, 2008
Name and Address of Subsidiary:
Name and Address of Auditors (Receiving Office):
Confirmation Statement
The information provided in the attached questionnaire is fairly stated and reflects the accounting and
reviewing procedures used during the course of the current year's review of the above named subsidiary's
financial statements.
Signed: ________________________________________________ Date: __________________________

Review Engagement Partner
Signed: ________________________________________________ Date: __________________________

Concurring Reviewer, if applicable

Instructions for Completion of Questionnaire
1. A separate questionnaire should be completed for each subsidiary or subsidiary group whose accounts
are reviewed and reported upon by you. This questionnaire has been developed with a view toward
informing the parent company's reviewers of the limited review procedures carried out as reflected in
completed review programs and working papers. It will also be used to form a basis for an evaluation
of the accounting details forwarded by the subsidiary companies for the purpose of preparing the
consolidated financial statements.
2. The questionnaire has been prepared as a standard form covering many different conditions in
connection with the subsidiary companies and, therefore, may appear more detailed than necessary to
the individual company. The questionnaire is not to be used as a substitute for your review program but
should be read and used in your review planning process to minimize NO answers.
3. The referring office should be informed during the planning process of any procedures that will not be
performed.
4. The questions are prepared such that they may, to a great extent, be answered by either YES or NO.
Provide a brief explanation of NO answers. In addition, copies of schedules should be attached, if
necessary, to provide a better understanding of the points involved.
5. There may be questions that are not relevant in your actual situation; therefore, it is requested that these
questions be answered N/A (not applicable). N/A responses should be explained.
6. Return a signed copy of each completed questionnaire to the review engagement partner of the parent
company no later than the date specified in the review instructions.
7. You should attach to the completed questionnaire:
• A copy of the notes of any significant decisions and supporting memoranda (in English).
• A report summarizing significant matters you discussed with directors and management (in
English).
• A summary of adjustments passed on by us or unagreed to by management

I. GENERAL
1. Reviewing Standards:
a. Was your review conducted in accordance with ISRS 4400
and the instructions sent by us?
b. Was the review carried out without any restrictions placed
upon the scope of your work?
2. Accounting Standards:
a. Are you satisfied that the company's financial statements are
prepared according to the accounting principles set forth in the
review instructions sent by us?
b. Does the consolidation package provide details of all matters
that must be adjusted or disclosed to the parent company's
auditors?
c. Do the company's financial statements adequately disclose all
significant accounting policies employed?
d. Are you satisfied that there are no inconsistencies in the
application of accounting policies in the current year as
compared with the previous year?
e. Have changes in accounting principle, accounting estimates,
reporting entity, or corrections of errors in previously issued
financial statements been properly accounted for and, where
necessary, disclosed in the company's financial statements?
f. In preparing the group return, has the entity complied with the
accounting instructions issued by Mazars SCRL?
g. Are revenues recognized only when earned and realized or
realizable and collection is reasonably assured?
3. Internal Control:
a. Did your limited review of the company's internal control
structure support the nature, timing, and extent of review tests
applied?
b. Did you review the company's internal control structure and
transaction flow by means of:
1) A questionnaire or checklist?
2) A narrative and/or flowchart description of the client's
procedures?
c. Have you reviewed the controls?
d. If the company has a computer installation or makes use of a

computer service bureau for its significant accounting records,
did you enquire as to the controls in operation?

e. If your review indicated any material weaknesses or
significant deficiencies (reportable conditions) in the system of
internal control or its operation:
1) Have they been reported to the management/board of
directors of the company and the parent company's
auditors? If the reportable conditions are not separately
identified in a letter, please provide us with a separate
listing of the material weaknesses and significant
deficiencies. If they are identified, please provide us
with a copy of the letter to the company.
2) Has appropriate action been taken by management to
correct the material weaknesses identified during the
current review?
3) Have all material errors and suspected or actual
irregularities disclosed by your review been
communicated to management and to us?
4. Review Documentation :
a. Did you use a written detailed review program?
b. With respect to the nature and extent of documentation for a
particular review area or review procedure in your working
papers, did your engagement team consider the following
factors :
• Risk of material misstatement associated with the
assertion, or account or class of transactions
• Extent of judgment involved in performing the work
and evaluating the results
• Nature of the reviewing procedure
• Nature and extent of exceptions identified
• The need to document a conclusion or the basis for a
conclusion not readily determinable from the
documentation of the work performed?
c. If applicable, did your working papers contain abstracts or
copies of significant contracts or agreements when your
engagement team reviewed the entity’s accounting for
significant transactions?
d. Were your working papers sufficient to enable members of
your engagement team with supervision and review
responsibilities to understand the work undertaken and the
nature, timing, extent and results of the reviewing procedures
performed as well as indicating who on the engagement team
performed and reviewed the work?

e. Did your working papers contain documentation of all
significant review findings or issues, the action(s) taken to
address them (including any additional evidence obtained),
and the basis for the final conclusions reached by the
engagement team?
f. Was the program reviewed by a partner to determine its
appropriateness?
g. Did your review working papers cover all important segments
of the review?
h. Were the working papers and financial statements reviewed by
a partner prior to issuing your opinion?
i. Did you obtain a letter of representation from the company
management that covered all important aspects of the
engagement, including availability to you and completeness of
financial records?
5. Analytical Procedures:
a. Did you design analytical procedures?
b. Have you received, and considered the validity of,
explanations for variations from expected results and trends?
c. Where necessary, did you perform additional review
procedures in response to significant unexpected differences
arising from the analytical procedure and record the results of
such additional procedures?
6. Intercompany Balances and Transactions:
a. Have intercompany accounts been agreed?
b. Have differences noted been corrected and entered in the final
financial statements?
c. Has all information required for consolidation been supplied to
us in the consolidation accounting package and reviewed by
you for the following classes of intercompany accounts and
transactions?
1) Receivables and payables?
2) Inventories obtained from or supplied to other group
companies?
3) Purchases and sales?
4) Stockholdings?
5) Dividends?
6) Interest?
7) Management charges?

8) Guarantees and indemnities, including those given to
third parties on behalf of other members of the group?
9) Assets owned by company and leased to other group
members?
10) Assets leased from other group members?
7. Subsequent Events (i.e., between balance sheet date and report

date):
a. Have you enquired as to the existence of major transactions
since year-end that might require adjustment or discoure in the
financial statements or the consolidated accounting package?
b. Have you enquired whether all material transactions have been
recorded in the proper period?
8. Related Party Transactions:
a. Have you reviewed related party transactions?
b. Has sufficient disclosure of related party transactions been
made in the consolidated accounting package?
9. Books of Account:
a. Have you ascertained that the amounts in the financial
statements and supporting data have been accurately extracted
from and are in agreement with the books of account, and that
the aggregates of individual balances (such as cash, accounts
receivable, accounts payable, etc.) are in agreement with the
control accounts?
b. Have unrecorded proposed adjustments been evaluated.
10 Partners’/Directors' and other similar meetings:

a. Have you read copies of the minutes of meetings of the
directors, officiers, or other major décision Makung
committees of the company?
b. Do the financial statements reflect or disclose significant
transactions and commitments disclosed and approved in the
minutes?
11 Exchange Control:
a. Are you satisfied that there are no exchange control
restrictions on the remittance of money to Mazars SCRL?
b. Has the company obtained consent for investments and
remittances to the date of the balance sheet, which are subject
to exchange control regulations?

12 Other Matters:
a. Do the company financial statements or the consolidation
accounting package disclose violations of regulations of any
government or outside bodies that you discovered through
normal review procedures and that may have a material effect
on the financial statements?
b. Have you notified us of any acts of the company you are
aware of that are, or appear to be, illegal?
c. In respect to subsidiaries in countries where there is a statutory
obligation to keep financial and other related records in a
certain manner, have these requirements been met?
d. Have you discussed potential management letter comments
with local management?
e. Are you satisfied that the financial statement classifications are
comparable between years?
If any adjustments have been made to comparative figures
from those shown in the previous year's financial statements,
have they been reflected in the financial statements you are
reporting on?
f. Are you satisfied there are no other matters of which we
should be aware as auditors of the parent company?
g. Did you make inquiries regarding oral guarantees that will
have a material effect on the company's financial statements?
13. Sub-Consolidations:
a. Are the financial statements of all subsidiaries prepared for the
same period as that of the parent?
b. Are the accounting policies of all subsidiaries consistent with
those of the parent company?
c. Have the financial statements of all significant subsidiaries
been reviewed?
d. Have changes, if any, in composition of the sub-group during
the period been properly recorded and disclosed in the sub-
consolidation?
e. Have all significant inter-company transactions, balances and
profits been eliminated on consolidation?
f. Are undistributed earnings of subsidiaries freely remittable to
the parent?
g. Do financial statements provide for estimated tax liability on
the portion of the subsidiary's profits that are expected to be
remitted to the parent company in the foreseeable future as a
taxable transaction?

II. BALANCE SHEET ACCOUNTS:

A – CASH
1. Have bank balances been reviewed?
2. To insure that a proper cut-off of cash was made, did you review
bank statements for the period after year-end, directly from the bank
and perform review procedures?
3. Have any large or unusual transfers between bank accounts,
affiliates, subsidiaries, or other unusual transactions, occurring just
before or after year-end, been adequately explained and, if necessary
for consolidation, been reported to us?
4. Have material bank overdraft balances been properly reclassified as
short-term debt, unless the right-of-offset exists?
B – RECEIVABLES
1. Are you satisfied with the procedures for cutoff and have you
reviewed periods just before and after year-end?
2. Have you reviewed the recoverability of client receivables,
including by enquiry concerning subsequent remittances?
3. Have you reviewed the reconciliation of the receivables control
account?
4. Does the company have a consistent policy of providing allowances
for uncollectible and doubtful debts, and do you consider the
provision adequate, but not excessive?
5. Have you inquired of officials responsible for the credit control
function and examined credits issued and write-offs since year-end,
to see that an appropriate allocation of charges has been made to the
current year?
6. Have you obtained reasonable explanations of trends in the ages of
the receivables, and ratios of sales to receivables, allowances, and
bad debts?
7. Have you determined through appropriate review procedures that no
receivables are pledged except as disclosed?
8. If any receivables have arisen other than as a result of normal
operations, have you reviewed their collectibility?
9. Have you reviewed and determined that the company has a
satisfactory procedure for identification, control, and recovery of
past due accounts?
C WORK IN PROGRESS
1. Are you satisfied that work in progress represents the recoverable
amount of the work undertaken either on the percentage of
completion or the completed contract method?

2. Has adequate provision been made where the recoverable amount is
less than the gross work in progress, taking into account
uncertainties and historical levels of write-offs?
3. Is there evidence that work in progress may be recovered at an
amount greater than the book value?
4. Has contingent work in progress been valued at zero except where
there is evidence that the contingent event has occurred after the
year end? Where contingent work in progress is valued, is it at the
lower of cost and net realizable value?
5. Where there are negative work in progress balances, have these
been properly classified as income received in advance? You should
consider whether any of these balances have been released to profit.
6. Where interim bills have been raised, has only that part which
represents the degree of work completed to date been taken to
income, with any excess carried as deferred income?
7. Have you discussed significant work in progress balances with the
engagement partner involved?
D – INVESTMENTS
1. Did you review significant investments?
2. Is there adequate documentation to support the valuation of
unquoted investments?
3. Are you satisfied that there has been no other-than-temporary
impairment requiring the write-down of the carrying amounts of any
investments?
4. Does the company's financial statements or the consolidation
accounting package give details of investments pledged at the
balance sheet date?
5. Investment income:
a. Are you satisfied that investment income has been included in
the company's financial statements in all material respects?
b. Have premiums and discounts on fixed term bonds been
appropriately amortized?
6. Have significant gains or losses on disposals, or changes in market
value, between the dates of the balance sheet and your opinion, been
accounting package?
7. a. Have investments where the company is able to exercise
significant influence over the operating and financial policies
of the investee corporation been properly accounted for on the
equity method?

b. In respect to the investee corporation financial statements that
were used as a basis for current year's earnings under the
equity method of accounting:
1) Did the statements cover the same period as that for the
company upon which you are reporting?
2) Were the financial statements reviewed and an
unqualified opinion expressed?
3) Have you supplied us with a copy of the statements?
c. Have you reviewed the transactions with the company's

investees and confirmed balances with them?
d. Have intercompany profits been eliminated before including
the company's proportionate share of operations?
8. Have marketable equity securities been accounted for in accordance
with IFRS, and have the required disclosures required been given in
the financial statements?
E – PROPERTY AND EQUIPMENT

1. Is the company's policy of capitalization and depreciation in
accordance with instructions, if any, from the parent company and
consistent with the previous year?
2. Have you reviewed significant additions and disposals during the
year?
3. Are items of property and equipment stated at original cost?
4. Have the details of leases that should be capitalized been reported in

the financial statements or report package?
5. Are you satisfied that any impairments or disposals of the
company's long-lived assets have been properly accounted for and
disclosed?
6. Are the methods and rates of depreciation reasonable, having regard
to the circumstances of the company and the nature of the assets?
7. Is depreciation provided on all items of property and equipment
(other than land) not fully written off or carried at salvage value?
8. Have details of any items acquired from or sold to affiliated
companies been reported in the company's financial statements or
the consolidation accounting package?
9. Are you satisfied that there are no exceptional or additional
depreciation charges, or circumstances that could warrant such
charges in the future?
10. Have you enquired as to the existence of major transactions since
year-end that could require adjustment or disclosure in the financial
statements?

11. Have you made tests of deferred taxes arising from depreciation
temporary differences?
12. Does the company make regular provision for costs of repairs and
replacements required under the terms of any long-term leases?
F – OTHER ASSETS
1. Have goodwill and other intangible assets been appropriately
accounted for in accordance with IFRS as applicable?
2. Have you reviewed the ownership of assets, such as patents and
trademarks?
3. Have you enquired whether the company's intangible assets have
been appropriately reviewed for impairment and their carrying
values adjusted, if necessary, in accordance with IFRS?
4. Has the cash surrender value of life insurance policies been
reviewed?
G – ACCOUNTS PAYABLE AND OTHER LIABILITIES

1. Were accounts payable reviewed?
2. Have you enquired as to whether there could be unrecorded
liabilities or provisions that are materially less than or in excess of
requirements?
3. Have all liabilities or contingent liabilities relating to employee
benefits (e.g., holidays, pensions, termination pay, etc.) been
recorded or disclosed in the company financial statements or the
consolidation accounting package?
4. Have liabilities that are collateralized been disclosed in the financial
statements or the consolidation accounting package?
5. With respect to reserves established for specified purposes, have you
reviewed that charges against those reserves are in accordance with
the intent of the account and should not have been charged directly
against income?
6. Have you reviewed unentered invoices, cash disbursements, and
unmatched receiving reports for the period after the balance sheet to
determine that adequate accruals were provided?
7. Is the basis of deferring income reasonable and consistent with the
prior year?
H – TAXATION
1. Have the tax provisions been reviewed by the review engagement
team and reviewed by a tax specialist in your firm?
2. Has book income been reconciled to taxable income?
3. Are you satisfied that deferred taxes are based on reasonable

evidence? (Please provide a summary schedule supporting deferred
taxation amounts.)

4. Has adequate, but not excessive, provision been made for taxes
payable, and in particular in relation to profits, distributions, and
capital gains?
5. Have previous years' liabilities been agreed to returns filed with the
taxing authorities?
6. Have you ascertained that there are no material items in dispute with
the taxing authorities that have not been accrued or disclosed in the
package?
6a. Have you reviewed correspondence with the taxing authorities,
returns filed with them, and payments made during the year?
accounting package:
a. Describe the basis on which tax is computed, including
deferred taxes?
b. Distinguish those items that are payable in more than one year
from those that are currently payable?
c. Disclose the details of loss carryovers and carrybacks?
8. Has the company complied with regulations of the taxing authorities

that could have a material effect on its financial statements?
9. In the case of a subsidiary, has full provision been made for any tax
on dividends paid or accrued?
I – LONG- AND SHORT-TERM DEBT

1. Have you reviewed documentation concerning material loans?
2. Have you reviewed debt paid off during the period?
3. Have you reviewed the cancelled instruments?
4. Have you reviewed new and retired debt transactions to

authorizations and cash receipts and disbursements records?
5. Has the company complied with restrictions or covenants imposed
either by regulations or by the terms of the lending agreements?
accounting package provide full details of:
a. Interest rates?
b. Repayment terms?
c. Security and guarantees?
d. Restrictive covenants?

J – CAPITAL STOCK/PARTNERS’ CAPITAL

1. Are the amounts and descriptions of stock authorized, issued, and
outstanding in accordance with the legal instruments, that regulate
the company, and in accordance with statutory requirements?
2. Have changes in capital stock during the year been:
a. Properly authorized as required by regulations of the company
and by statute?
b. Disclosed in the company's financial statements or the
consolidation accounting package?
c. reviewed by you with cash proceeds or disbursements, or other
receipts or distributions of property?
3. If capital stock has been issued for consideration other than cash,
have you been able to satisfy yourselves that a fair value has been
attributed to the capital stock and that additional paid-in capital has
been appropriately treated?
4. If stock or stock options have been issued to employees, have these
transactions been accounted for in accordance with IFRS, as
applicable?
K – OTHER RESERVES/PARTNERS’ CURRENT ACCOUNTS

1. Has the company complied with and disclosed in its financial
statements or the consolidation accounting package any restrictions
imposed by the directors, company by-laws, statute, or third parties
regarding the classification of reserves, the creation of special
reserves, or restrictions on the application of such reserves?
2. Have the tax consequences of any changes in reserve balances been
appropriately treated?
3. Have you ascertained that there are no dividends in arrears?
4. In the case of dividends accrued but not paid at the date of the
balance sheet, have you supplied us with particulars of the dates or
anticipated dates of authorization, declaration, and payment?
5. With respect to special reserves set up through appropriation of
retained earnings, have you ascertained that they are still required?
6. Have you checked that drawings to partners in the year do not
include expenses of the business?
7. Have you checked that there are no unusual entries to partners’
current accounts?
III. INCOME STATEMENT

1. Have you – after an analysis of the income statement accounts –
received satisfactory explanations of unusual variations as compared
to previous years, as well as other conditions of special character?

2. Have extraordinary items or exceptional charges and credits been
accounting package?
IV. CONTINGENCIES AND COMMITMENTS

1. Have loss contingencies been provided and/or has appropriate
disclosure been made?
2. Have you enquired whether contingent liabilities have been properly
accounted for and disclosed, including, for example, the following:
a. Current or imminent litigation, including written inquiry and
response from the company's legal counsel as to the nature of
the matter and the expected outcome?
b. Guarantees given to third parties?
c. Financial instruments (foreign exchange transactions)?
d. Claims for back compensation by employees?
e. Possible additional taxes for prior periods?
f. Sale, pledge, or assignment of accounts receivable with

recourse?
g. Endorsement, discount, sale, or transfer of notes, trade, or
bank acceptances?
h. Employment agreements?
i. Inadequacy of the company's insurance?
3. Are material capital and expense commitments disclosed in the

package?
4. Have the details of rental expense and lease commitments been
accounting package?

Appendix H
HIGHLIGHTS MEMORANDUM
Subject:Mazars SCRL
The following matters must be covered, as a minimum, for each country:
>> Please use the PowerPoint template (available on the Extranet) to organize your highlights
memorandum.
The reporting package includes the accounts of the following subsidiaries:
...................................................................................................................
...................................................................................................................
1. Scope of audit
a. confirmation that all the audit fieldwork is complete or a list of outstanding points with reasons;
b. details of any restriction placed on the auditors in performing the audit;
c. details of any qualifications in the audit opinion including quantification of amounts involved,
where possible.
2. Key issues which:

a. have affected the audit opinion;
b. have caused significant increases in the scope of the audit;
c. Involve a high level judgement, together with the resolution;
d. Have had a significant impact on the company and its financial position;
e. were discussed at the audit clearance meeting (alternatively attach minutes of this meeting);
f. should be considered by the group auditor when considering the audit opinion on the consolidated
financial statements;
g. have been raised by local lawyers and which affect the group as a whole.

We expect to be provided with meaningful conclusions on the key audit areas described in our audit
instructions, namely: Revenue recognition and work-in-progress, receivables (aging, recoverability…),
litigation, profit sharing (bonus …), completeness and adequacy of the information requested in relation
with IFRS.
3. Review of the financial statements

31 st 31 st
INCOME STATEMENT August August VARIATIONS
2.008 2.007
IN
NET NET
NARRATIVE AMOUN IN %
VE Bs. VE Bs.
T
Turnover (including costs recharged to clients) 6.485.830 5.685.861 799.969 12%
Fees recharged to other companies
Net turnover 6.485.830 5.685.861 799.969 12%
Work-in-progress variation (including costs recharged to

clients) -178.903 55.615 -234.518 131%
1.231.31
Costs recharged to clients (rechargeable or not) 1.350.831 119.520 1 91%
Operating income 4.956.096 5.621.956 -665.860 -13%
Subcontractors'costs - intra-group ( excluding

expenses ) 0
Subcontractors' costs - outside group ( excluding -
expenses ) 160.387 736.640 -576.253 359%
Costs of technical staff ( including partners ) 3.073.452 3.476.690 -403.238 -13%
Gross technical margin 1.722.257 1.408.626 313.631 18%
Operating expenses
- Cost of administrative staff 362.453 198.244 164.209 45%
- Other general expenses 762.012 535.938 226.074 30%
- Depreciation of assets 90.025 62.572 27.453 30%
- Variation of provisions / assets
-
/ risks and expenses 27.631 65.076 -37.445 136%
/ current assets 75.920 50.188 25.732 34%
- Bad Debts written off
- CARL royalties 44.620 27.832 16.788 38%
359.596 468.776 -109.180 -30%
Financial items -153.583 -31.703 -121.880 79%
-
Operating result 206.013 437.073 -231.060 112%
Exceptional items 0 -231.628 231.628
Net income before tax and profit-sharing 206.013 205.445 568 0%

Employee profit-sharing - France only
Corporation tax 206.013 205.445 568 0%
Net company result

31 st 31 st
August August VARIATIONS
BALANCE SHEET ASSETS 2008 2007
IN
NET NET
NARRATIVE AMOUN IN %
VE Bs. VE Bs.
T
NON-CURRENT ASSETS
Intangible fixed assets 0 0
Tangible fixed assets 158.385 105.171 53.214 34%
Financial assets 0 0
Sub-total 158.385 105.171 53.214 34%
CURRENT ASSETS
Work in progress -123.288 55.615 -178.903 145%
Accounts receivable 991.113 1.543.083 -551.970 -56%
Other debtors and

prepayments 278.006 196.597 81.409 29%
Cash 765.622 473.219 292.403 38%

Sub-total 1.911.453 2.268.514 -357.061 -19%
TOTAL ASSETS 2.069.838 2.373.685 -303.847 -15%
31 st 31 st
BALANCE SHEET August August VARIATIONS
LIABILITIES 2008 2007
NET NET AMOUN
NARRATIVE IN %
VE Bs. VE Bs. T
EQUITY
Capital 3.000 3.000
Reserves 0 0
Result 0 0
Sub-total 3.000 3.000 0 0
Provisions for risks and

expenses 147.483 119.852 27.631 19%
Financial debts and loans 150.000 50.000 100.000 67%
Suppliers and related

accounts 20.162 547.691 -527.529 -2616%
Fiscal and social debts 896.219 470.342 425.877 48%
Other debts and accruals 852.974 1.182.800 -329.826 -39%

Sub-total 2.066.838 2.370.685 -303.847 -15%

TOTAL LIABILITIES 2.069.838 2.373.685 -303.847 -15%
4. Comments on main differences and adjustments between local GAAP and IFRS
Please comment on the main differences between the local GAAP financial statements and the IFRS
reporting package.
5. Additional specific information

Please provide certain additional specific information regarding:
a. specific control procedures;
b. compliance with group accounting policy.
6. Management letter points

Provide a summary of major points which you intend to raise in the final management letter.
7. Summary of unadjusted differences

See appendix
8. Disclosures not made.
9. Any other matters you wish to bring to the attention of the group auditors.

Appendix I
SUMMARY OF UNADJUSTED DIFFERENCES
Subject:Mazars SCRL
(Example)
Explanation for entry Balance sheet Profit and Reserves

loss account
Assets Liabilities Dr/ Dr/(Cr) Dr/(Cr)
(Cr)
Dr/(Cr)
Currency Currency Currency
Currency
Prior period adjustments rolled
forward
Tax effect
Total unadjusted differences
Signed: ________________________________________________ Date: __________________________
Audit Engagement Partner

Appendix J
To: Mr Andre Kliesse / BDO Atrio
Mr Steve Gail / Horwath Clark Whitenhill
From: BDO GUILLEN, MARTÍNEZ & ASOCIADOS

Subject:Mazars SCRL
ADRIANZA, GARCÍA & ASOCIADOS / MAZARS VENEZUELA, C.A
We have audited the accompanying reporting package of ADRIANZA, GARCÍA & ASOCIADOS /
MAZARS VENEZUELA, C.A., Caracas, Venezuela, as of August 31, 2008. The package includes the
following items:
Financial reporting statements

Additional schedules related to theses financial statements
Schedules related to partners’ costs, professional insurance cover, CARL management fees
Schedules designed to gather information and data required for IFRS reconciliation.
This reporting package is the responsibility of the entity’s management and has been prepared in
accordance with the group instructions. Our responsibility is to express and opinion on this reporting
package based on our audit.
We conducted our audit in accordance with International Standards on Auditing (ISA). Those standards
require that we plan and perform the audit to obtain reasonable assurance about whether the reporting
package is free of material misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts in the reporting package. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall reporting package
presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the reporting package referred to above presents fairly in all material respects, for purposes
of consolidation, the financial position of ADRIANZA, GARCÍA & ASOCIADOS / MAZARS
VENEZUELA, C.A., Caracas, Venezuela , as of August 31, 2008, and the results of its operations for the
twelve months period then ended in conformity with the group instructions.
This report is issued solely for the purposes of assisting you or in forming an opinion on the consolidated
financial statements of the Mazars SCRL and should not be used for any other purposes.
Signed: __________________________________ Date: October 28, 2008__________________________

Jose J. Martinez P.

Appendix K
CLEARANCE ON THE REPORTING PACKAGE (LIMITED REVIEW)
Subject:Mazars SCRL
(Please submit a signed hardcopy)
We have performed the procedures described in your instructions and enumerated below with respect to the
accompanying financial information of (name of subsidiary) as of 31 August 2008. The package includes
the following items:
Financial reporting statements

Additional schedules in relation to these financial statements
Schedules in relation to partners’ costs, professional insurance cover, CARL management fees
Schedules designed to gather information and data required for IFRS reconciliation.
This financial information is the responsibility of the company's management.
Our engagement was undertaken in accordance with the International Standard on Related Services (ISRS
4400) applicable to agreed-upon procedures engagements. The procedures were performed solely to assist
you in the process of your audit of the consolidation of the Mazars’s organisation. Theses procedures are
summarized as follows:
1. Review of the revenue recognition and work-in-progress

2. Review of the receivables (aging, recoverability …)
3. Review of the partners' remuneration
We report our findings below:
a. With respect to item 1 we found ….
b. With respect to item 2 we found ….
c. With respect to item 3 we found ….

Because the above procedures do not constitute either an audit or a review made in accordance with
International Standards on Auditing or International Standards on Review Engagements, we do not express
any assurance on the accompanying financial information.
Had we performed additional procedures or had we performed an audit or a review of the financial
statements in accordance with International Standards on Auditing or International Standards on Review
Engagements, other matters might have come to our attention that would have been reported to you.
Our report is solely for the purpose set forth in the first paragraph of this report and for your information
and is not to be used for any other purpose. This report relates only to the accounts and items specified
above and does not extend to any financial statements of (name of subsidiary).
Signed: ________________________________________________ Date: __________________________

Review Engagement Partner

Appendix L
RECONCILIATION OF LOCAL AUDITED ACCOUNTS TO GROUP REPORTING PACKAGE
Subject:Mazars SCRL
Explanation for entry Balance sheet Profit and loss

account
Assets Dr/(Cr) Liabilities Dr/ Dr/(Cr)
(Cr)
Currency Currency Currency
Profit (loss) per local accounts (pre xxxx
mutualisation)
Profit (loss) per reporting package xxxx
We confirm that the reconciliation between the local audited accounts and the group reporting package has
been properly prepared in accordance with group accounting policies and instructions.
Signed: ________________________________________________ Date: __________________________

Appendix M
REQUIRED FORMAT FOR MANAGEMENT LETTERS

To: Mr Andre Kliesse / BDO Atrio
Mr Steve Gail / Horwath Clark Whitehill
Subject:Mazars SCRL
Name of subsidiaries: Adianza, García & Asociados / Mazars Venezuela C.A.
1. Introduction
As a part of our examination of the combined financial statements of Adrianza, García & Asociados and
Mazars Venezuela, C.A. for the year ended on August 31, 2008, we have carried out a study and evaluation
of the internal audit system of the entities, with the purpose of establishing a basis of reliability on said
system and to determine the nature, opportunity and extent of the auditing procedures necessary to allow us
to express an opinion on the combined financial statements.
Our study and evaluation did not have the necessary scope to express an opinion on the internal audit
control system of Adrianza, García & Asociados and Mazars Venezuela, C.A. taken as a whole and
consequently, we expressed no opinion with respect to such. Our study and evaluation did not necessarily
reveal all of the weaknesses or deficiencies or other conditions which require attention.
2. Significant issues in the financial statements

Give details of any items if and where:
- a high level of judgement has been exercised;
N/A
- unusual accounting treatment is adopted; or
N/A
- it has a significant effect on the accounts
N/A
3. Accounting issues
N/A
4. Weaknesses arising during the audit

Quantification should be given where possible and all matters raised should be formatted to give:
- weaknesses;
N/A
- implication;
N/A
- recommendations; and

N/A
- client response.
N/A
5. Additional information
N/A
6. General
N/A
We recommend that raised issues should be presented in a schedule such as:
# Issues Recommendations Management comments

Appendix N
SUBSEQUENT EVENTS REVIEW
Subject:Mazars SCRL
We have conducted a post balance sheet events review to… (date) … and are of the opinion that:
1. There are no further matters arising since the completion of the year end audit which need to be brought
to your attention. (*)
2. We attach a list of matters which have arisen since completion of the year end audit and which ought to
be brought to your attention. (*)
A brief summary of audit work conducted, to be of the above opinion, is:
Please send the questionnaire on subsequent events to be completed.
Signed: ________________________________________________ Date: __________________________

(*) Delete as appropriate

Appendix N1
QUESTIONNAIRE ON SUBSEQUENT EVENTS
Procedures Done Comments N/A
Enquires and discussions with management as to:
- Whether any substantial contingent liabilities or

commitments existed at the date of the balance sheet being
reported on or at the dated of enquiry.
- Whether there were any significant changes in the capital

stock long term debt or working capital to the date of
enquiry.
- Whether there has been a significant deterioration in the

financial condition and operations of the entity between the
year end and the date of enquiry.
- The current status of items in the financial statements being

reported upon that were accounted for on the basis of
tentative, preliminary or inconclusive data.
- Whether any events have occurred subsequent to the 2008

financial statements that would require adjustment to the
financial statements (if there are any post audit adjustments,
please inform the group auditors immediately).
- Whether there have been any known or any anticipated

events of non-compliance with debt covenants or failures to
meet debt or other payment obligations.
Others procedures
- Read copies of all minutes of partners’ meetings or

committees thereof held from year end to the date of
enquiry. Where there were no minutes or drafts, enquired as
to the decisions made.
- Reviewed recent contracts noting the details of any which

are not in the ordinary course of business. Enquired as to
any outstanding letters of intent or agreement.
- Examined the current status of any significant contingent

liabilities and legal suits.

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MAZARS SCRL

Audit instructions 2008 page 1

Contacts and coordination of the audit

We will attempt to solve the problem as soon as possible.

Audit instructions 2008 page 2

Name Office Responsibility

The international liaison partner for BDO will be:

Marc VERBEEK BDO ATRIO

Mr. David FURST HORWATH CLARK WHITEHILL LLP

Audit instructions 2008 page 3

See the Mazars website for full details of services.

Materiality level should be calculated locally.

Key audit issues

• Revenue recognition and work-in-progress

• Receivables (ageing, recoverability)

• Partners’ capital and current accounts

• Completeness and adequacy of the information requested in relation to IFRS.

Audit instructions 2008 page 4

Audit of the financial statements as at 31 August 2008

Item Due date Appendix

Audit instructions 2008 page 5

Audit instructions 2008 page 6

• Definition of scope A/B/C

 Review Revenue recognition and work-in-progress

As a result of these procedures, we expect to receive:

• Definition of local audit

Audit instructions 2008 page 7

Audit instructions 2008 page 9

To: Mr Andre Kilesse/ BDO Atrio

From: Jose Martínez / BDO Guillen, Martínez & Asociados

Subject: Mazars SCRL

Audit of the financial statements as at 31 August 2008

Name of subsidiary/i Adrianza, Garcia &Asociados / Mazars Venezuela, C.A

Signed: ________________________________________________ Date: __________________________

Audit instructions 2008 page 10

(To be submitted locally to Mazars local entity)

To: Mr. Andre Kilesse/ BDO Atrio

From: Jose Martínez / BDO Guillen, Martínez & Asociados

Audit of the financial statements as at 31 August 2008

Name of subsidiary/iesAdrianza, Garcia & Asociados / Mazars Venezuela, C.A.

- Client confidentiality must be maintained at the highest level.

Audit instructions 2008 page 11

First name Last name Position Signature Date

Jose Martinez Audit Partner 9/15/2008

Rafael Gonzalez Audit Partner 9/15/2008

Alfonso Jauregui Tax Partner 9/15/2008

Leonardo Guillen Audit Manager 9/15/2008

Richard Rodriguez Tax Senior 9/15/2008

Yanny Blanco Audit Semi Senior 9/15/2008

Wendy Rondon Audit Staff 9/15/2008

Audit instructions 2008 page 12

AUDITORS FEES (PLANNED)

To: Mr. Andre Kilesse/ BDO Atrio

From: Jose Martínez / BDO Guillen, Martínez & Asociados

Audit of the financial statements as at 31 August 2008

Name of subsidiary/ies Adrianza, Garcia & Asociados / Mazars Venezuela, C.A.

This schedule should be provided to us for information only.

- Fees in relation with the annual audit

- Fees in relation with other services (please describe)

You are requested to fulfil the following table:

Annual audit Currency

Out of pocket expenses

Audit instructions 2008 page 14

Signed: ______________________ Date:

Signed: _______________________ Date:

Signed: _______ Date: Octuber 28, 2008

Signed: _______ Date: Octuber 28, 2008