B & C Auditing Firm

Nadal Bldg, National Highway, 

Gingoog City 9014
Misamis Oriental
Region X Philippines
bgauditfirm@gmail.com

Client Name: Chimera Builders Corporation Client Code:

Period End : December 31, 2021 Partner: Ms. Yanese Manager: Ms. Roshana
P. Cullamat May G. Berdelao

Prepared by: Ms. Date: 09-27-2021

Claire M. Antido
Subject : Sources of Understanding of the
Client and its Environment Checklist Reviewed by: Ms. Date: 09-27-2021
Nathalie Jean A.
Batchinicha

Objective: This checklist sets out the sources of information regarding understanding of the client and
its environment.

Instruction: Before approval of the audit plan, check if the following sources of understanding of the
entity and its environment have been considered, and cross-reference to the relevant working paper:

Source Considered? WPRef

Previous experience with the client and its industry.
Points forward from previous audit
Permanent file of client Yes

Discussion with people within the entity Yes

Discussion with internal audit personnel Internal Yes

audit reports

Discussion with predecessor external auditors Not

considered
Discussion with legal and other advisers who provided services to the client
Within the firm [Department/Division: __________________________]
Outside the firm [Name of Law Firm or Consultant:___________________] Not
 considered
Discussion with knowledgeable people outside the entity (see Section 300.34) Not
considered
Publications within the industry (see Section 300.34) Not
considered
Legislation and regulations that significantly affect the entity Yes

Visits to the entity's premises and plant facilities. Yes

Fabrication Shop – visited September 20, 2021

Main Office – visited September 25, 2021

Documents produced by the entity Yes