Request Memo

RLP ASSOCIATES

To: Michelle M. Pamplona

From: Josephine S. Romero
Date: August 1, 2017
Re: Platinum Opportunity Fund Request

Good day! We are writing to request your contribution in pursuant to the Section 1.12 of the Limited Partnership
Agreement of Platinum Partners Credit Opportunity Fund for the amount Php 100,000.
The contribution is due on or before September 15, 2017 and should be wired in immediately available funds to the
Funds account as specified below. The wire details are as follows:
Bank Name: BDI Inc.
Account Name: Platinum Opportunity Fund LP
Account Number: 000035762874
Bank Contact: Ronald Hontiveros
Phone: (049)545-9296
Kindly instruct the banking financial institutions handling the wire transfer to include your name, as a Limited Partner
of the Fund, on the wire transfer.

Best regards,

Josephine S. Romero, CPA

Fund Accountant
Periodic Report
RLP ASSOCIATES

To: Maria Isabella P. Lim

From: Josephine S. Romero
Date: August 1, 2017
Re: First Quarter Sales Report

Good day! We would like to inform you about the sales from the companys retail store, online store, and vendor
company sales during the first quarter of the year. The sales from retail store of Php 373,000, and sales from online
store of Php 497,000, and vendor company of Php 317,000 showed that most of our sales are coming from online. The
monthly distribution of sales are shown below:

MONTH RETAIL (Php) ONLINE (Php) VENDOR (Php)

January 125,000 110,000 95,000
February 93,000 145,000 67,000
March 80,000 132,000 75,000
April 75,000 110,000 80,000
TOTAL Php 373,000 Php 497,000 Php 317,000

Should you have any concerns regarding this report, feel free to contact our department.

Best regards,

Josephine S. Romero, CPA

Sales Director

2
Informal study Memo
RLP ASSOCIATES

To: Michelle M. Pamplona

From: Josephine S. Romero
Date: August 1, 2017
Re: Review of Revenue and Collection Cycle

Good day! In response to the request of your company we conducted a thorough study about the revenue and
collection cycle of your company.
FINDINGS
The correspondence were classified according to the reported problem of the management. In all, the following are the
findings from the revenue and collection cycle:
1. The audit found alignment between policies of the Department and Treasury Board (TB) policies. The majority
of invoices were substantiated with agreements or equivalent binding documents. However, the audit also
found various instances in which TB and Departmental policies were not respected regarding:
Credit limits
Terms of payment
Interest charges
Revenue recognition
2. The audit found identified opportunities for improvement in the following stages of the accounts receivable
life cycle:
Adjustments (including authority and justification)
Collection practices
Debt write-off process
RECOMMENDATIONS
Based on the findings, we need to take the following recommendations:
1. Financial management department should clarify the Departmental policy on accounts receivable
management within the areas of credit limits and terms of payment. It should also circulate a communication
bulletin to ensure Sectors are aware of policies regarding terms of payment, interest charges, and revenue
recognition.
2. Shared services Office should implement procedure and controls to:
Review and challenge the appropriateness of all adjustment requests by the Sectors and ensure
there are appropriately approved
Improve the timely collection and write-off approval of receivables.
Please feel free to contact us regarding the matters that you would like to address. We will be happy to discuss these
ideas with you.
Best regards,

Josephine S. Romero, CPA

Audit Associate

3
Ideas and Suggestions Memo
RLP ASSOCIATES

To: Charles Kenneth F. Lijauco

From: Josephine S. Romero
Date: August 1, 2017
Re: Internal Control Suggestions

Good day! Upon review of your companys present internal control, we have found several weaknesses in the
implementation the controls. As an auditor, there are several suggestions that we would like to impose to strengthen
your internal control. The following are ways to improve internal controls and oversight within your organization:
SEGREGATE ACCOUNTING DUTIES
It is ideal that the processing of cash receipts and payments will be separated, with different independent persons
approving invoices, preparing the checks, signing of check, and reconciling of the bank statements to the books. If you
allow one individual to handle cash or checks received, the deposits, and posting of payment in the systems, increases
the likely of misappropriation or fraud. However, if this is not feasible for your organization, might as well do a job
rotations for individuals performing the above tasks periodically
INCREASE OVERSIGHT
One of the most important within entity control in the management oversight. Internal controls without good
governance is not good enough. An Audit Committee, or the top management should diligently review bank statements,
check or payment registers and bank reconciliations regularly. Above all, business owners should also need to make it
a priority to review financial reports and understand the trend and changes in the business financial data.
RESTRICT ACCESS TO FINANCIAL SYSTEMS
Accounting software gives users the ability to delete and edit previous transactions that increases the risk of
concealment of theft. The business owners should have Admin rights to the companys accounting system and consider
restricting user access to specific areas necessary for their functions. This will help reduce the creation of false entries
and covering up their tracks. Voided and deleted transactions must be reviewed for irregularities.
We hope for your consideration of these internal control suggestions and incorporate it to your system as it will
improve the preparation of your financial statements and decrease the likelihood of misstatement and fraud.

Best regards,

Josephine S. Romero, CPA

Audit Associate

4
Confirmation Memo
RLP ASSOCIATES

To: Maria Isabella P. Lim

From: Josephine S. Romero
Date: August 1, 2017
Re: Payment confirmed

Good day! We hereby confirm that we have received your payment of Php 50,000 regarding the audit service we
provided your company. This is to note that we already received the whole amount today, August 1, 2017.
We are very pleased to be of service to your company. Your quick response and cooperation made it easier for us to do
our job. This way we also want to thank you for your promptitude and we are looking forward to collaborate again in
the future.
If you need any other further information, please feel free to contact our company at (049)502-1264. We will be pleased
to answer you to any matters.

Best regards,

Josephine S. Romero, CPA

Audit Supervisor