Immersing in audit

  To the Shareholders and the Board of Directors of NS Communications Inc.:   Report on  internal control over financial reporting Opinion on Internal Control Over Financial Reporting   We have audited NS Communications Inc. and subsidiaries’ (NS) internal control over financial reporting as of December 31, 2022, based on criteria established in Internal Control – Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria). In our opinion, NS maintained, in all material respects, effective internal control over financial reporting as of December 31, 2022, based on the COSO criteria.   We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of NS as of December 31, 2022 and 2021, the related consolidated statements of income, comprehensive income, cash flows, and ...

  Agreed-upon procedures is one of the services rendered by audit companies. The nature of this service differs from an audit and other assurance engagements. Assurance engagement  is an engagement in which a practitioner aims to obtain sufficient appropriate evidence in order to express a conclusion designed to enhance the degree of confidence of the intended users other than the responsible party about the subject matter information (that is, the outcome of the measurement or evaluation of an underlying subject matter against criteria). Agreed upon procedures are procedures that have been agreed to by the practitioner and engaging party. The practitioner communicates the agreed upon procedures performed and findings in the agreed-upon procedures report. The agreed-upon procedures report does not provide the practitioner’s conclusion; the engaging party and other users of the report draw their own conclusions from the work performed by the practitioner. ...

  Pro forma financial information is financial information shown together with adjustments to illustrate the impact of an event or transaction on unadjusted financial information as if the event had occurred or the transaction had been undertaken at an earlier date selected for purposes of the illustration.     Examples of such an event or transaction may be: ·         Acquisition constituting a major transaction. ·         Very substantial disposal. ·         I ssuance of new shares  by means of    rights issue and open offers.   It is presumed that pro forma financial information is presented in columnar format consisting of a) the unadjusted financial information. b) the pro forma adjustments; and (c) the resulting pro forma column. Pro forma adjustments may include: ·         Adjustments to unadjuste...

Pro forma financial information is financial information shown together with adjustments to illustrate the impact of an event or transaction on unadjusted financial information as if the event had occurred or the transaction had been undertaken at an earlier date selected for purposes of the illustration. It is presumed that pro forma financial information is presented in columnar format consisting of a) the unadjusted financial information. b) the pro forma adjustments; and (c) the resulting pro forma column. Different presentations of pro forma financial information may be included in the prospectus depending on the nature of the event or transaction and how the responsible party intends to illustrate the impact of such event or transaction on the unadjusted financial information of the entity. Below is presented the example of pro forma statement of profit and loss.

  Litigation and claims involving the entity may have a material effect on    financial statements therefore the audit of litigation and claims is necessary to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement.