Management representation letter
Villems Donoway OÜ
Narva mnt 13, Tallinn
DD.MM.20YY ( Date of singnatures in the annual financials statements).
This representation letter is provided in connection with your audit of the annual financial statements of
XXXXXX (“the Company”) as of 31.12.2013, for the purpose of expressing an opinion as to whether
these financial statements give a true and fair view of the financial position of the Company and of the
results of its operations and its cash flows in accordance with accounting principles generally accepted in
Estonia (the Estonian GAAP).
We have made appropriate inquiries of directors and officers of the Company with the relevant knowledge
and experience. Accordingly, we confirm, to the best of our knowledge and belief, the following
representations:
In the part of financial statements
1

We fulfilled our obligation to prepare financial statements accordance with the Estonian GAAP
as it was set out in audit services agreement (signed DD.MM.YYYY ). We state that the financial
financial statements present fairly, in all material respects, the financial position of the Company
as of 31 December 2013, and its financial performance and its cash flows for the year then ended
in accordance with the accounting principles generally accepted in Estonia.

We acknowledge responsibility for the design, implementation and maintenance of internal
control to prevent and detect fraud and error.

We use accounting estimates, including accounting estimates of fair falue, that are reasonable in
the circumstances.

The identity of, and balances and transactions with, related parties have been properly recorded
and adequately disclosed in the financial statements in accordance with Estonian GAAP.

There have been no events subsequent to the balance sheet date which require adjustment of or
disclosure in the financial statements or notes thereto, other than as already disclosed in the notes
to the financial statements.

We believe the effects of uncorrected financial statement misstatements summarised in the
accompanying schedule are immaterial, both individually and in the aggregate, to the financial
statements taken as a whole. The summary of uncorrected financial statement misstatements is
attached to this representation letter.

There have been no significant facts, that required the adjustment of comparative data in financial
statements1.
If comparative data is adjusted, the spesific representation letter is required for each significant adjustment .
___________________
___________________
NNNN
PPP
(Member of the board)
(Memeber of the board)
____________________
SSS
(Financial manager(Chief acoountant)
In the part of presented information

We have made available to you:
o
all information relevant for preparation of financial statements - books of account and
supporting documentation and other relevant data;
o
additional information, that you required from us in order to perform the audit;
o
unlimited access to those in The Company which you deemed is necessary to obtain audit
evidence .

Except as disclosed in the financial statements or notes to the financial statements, there are no
material transactions that have not been properly recorded in the accounting records underlying
the financial statements.

We have disclosed to you the results of our assessment of the risk that the financial statements
may be materially misstated as a result of fraud.

We have disclosed to you our knowledge of any allegations of fraud, or suspected fraud,
affecting the Companys’s financial statements and including:
*management;
*employees with signifficant role in internal control;
*others, if fraud could have affected Company’s financial statements.

We have disclosed to you our knowledge of any allegations of fraud, or suspected fraud,
affecting the Company’s financial statements communicated by employees, former employees,
analysts, regulators or others.

We have disclosed to you our all known actual or possible non-compliance with laws and
regulations that could have a material effect on the financial statements in the event of noncompliance.

The estimated financial effect of pending or threatened litigation and claims against the Company
has been properly recorded or disclosed in the financial statements in accordance with Estonian
Gaap. Except as disclosed, we are not aware of any additional claims that have been or are
expected to be received.

We have disclosed to you all information regarding the identification of related parties and
regarding transactions with such parties.
Representation letter is signed by all members of management including those responsible for
preparation of the financial statements.
___________________
___________________
NNNN
PPP
(Member of the board)
(Memeber of the board)
____________________
SSS
(Financial manager(Chief acoountant)
Management representation
Appendix 1
Uncorrected misstatements identified during the audit:
#
Description
Influence of
uncorrected
misstatement to the
balance of assets
[increase (+)
/decrease(-)]
EEK
Influence of
uncorrected
misstatement to the
balance of
liabilities
[increase (+)
/decrease(-)]
EEK
Influence of
uncorrected
misstatement to the
balance of equity
[income(+)
/expenses (-)]
EEK
Influence of
uncorrected
misstatement
to the [profit/
loss] for the
year
[income (+)
/expenses (-)]
EEK
Known
misstatements
Estimated
misstatements
TOTAL
misstatements
Uncorrected deficiencies in the disclosure and presentation of information, discovered during the audit:
#
Disclosure
Description
Amount (if
could be
defined)
EEK
1
___________________
___________________
NNNN
PPP
(Member of the board)
(Memeber of the board)
____________________
SSS
(Financial manager(Chief acoountant)