ATER LT APTN AOD ALAA Er Ethiopian Economics Association IGA rE Ret. No/enc FéaltcA 263}a9 pate/or .oslalgoga Tafesse, Shisema and Ayalew (TMS Plus) Certified Audit Partnership Chartered Certified Accountants (UK) and Authorized Auditors (Eth.) P.O.Box 110690 Addis Ababa Dear Sirs, RE: LETTER OF REPRESENTATION This representation is provided in connection with your audit of the financial statements of Ethiopian Economic Association-Income Generating Activity (EEA-IGA). for the year ended 07 July 2022, for the purpose of expressing an opinion as to whether the financial statements give a true and fair view of (present fairly in all material respects) the financial position of the Organization as at 07 July 2022 and of the results of its operations and its cash flows for the year then ended in accordance with the (financial reporting framework) and the (legal reporting framework). We appreciate that all the information you require in order to form an opinion on the financial statements may not be available from an examination of the accounting records and other documents, and that you have obtained representations from the Organization's directors and management. The directors acknowledge full responsibility for the fair preparation of the financial statements in accordance with the (financial reporting framework) and the (legal reporting framework). We further acknowledge our responsibility for the design and*implementation of intemal control to prevent and detect fraud and error. We confirm, to the best of our knowledge and belief the following representations: LIABILITIES, PROVISIONS AND COMMITMENTS 1. We have recorded or disclosed, as appropriate, all liabilities, both actual and contingent, and all guarantees we have given to third parties. 2. Full provision has been made in the financial statements for all material losses expected to arise from legal action, third party claims and off-balance sheet contracts, 3. Except as indicated in the financial statements, none of the liabilities, including those secured by reservation of title, and were at the balance sheet date, secured on any assets of the Association ASSETS 4, The Organization has satisfactory title to all the assets, and all assets disposed of or belonging to third parties have been correctly reflected in the financial statements. Where applicable, assets have been written down to provide for any impairment. Where assets have been assigned to third parties, there do not exist any contracts with the third parties to re-assign these assets back to the Organization, 10f2 ‘Yeka Sub-ty, Woreda 11, CMC P.O.Box 34282, Addis Ababa, Ethiopia Website: https://eea-et.or9 ‘Adjacent to St. Michael Church Tel. +251-11-6453200/ Mob 251-974 351515 | E-mail: info@eea-et.or Reece ce eran arate5. Unless where specifically disclosed in the financial statements, the assets were owned by the Organization free of any charge, encumbrance or lien 6. All income which arose to the date of the balance sheet has been brought into the financial statements in accordance with the Organization's accounting policies. In particular, all cash transactions have been reflected in the financial statements and the balance sheet includes all bank accounts and other money market deposits which belong to the Organization. OTHER MATTERS 7. We have made available to you all books of account and supporting documentation. 8. There have been no irregularities involving management or employees who have a significant role in internal control or that could have a material effect on the financial statements. Nor have there been any allegations of fraud or suspected fraud, affecting the Organization's financial statements communicated by employees, former employees, analysts, regulators or others. 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. 9. The financial statements are free of material misstatements, including omissions. 10. The Organization has complied with all aspects of contractual agreements that could have a material effect on the financial statements in the event of non-compliance. We confirm that the Organization has fully complied with all the statutory and legal requirements that could have a material effect on the financial statements in the event of non-compliance including payment of all, duties and other statutory obligations. 11. There haye been no subsequent events since the balance sheet date which necessitate revision of the amounts included in the financial statements or inclusion of additional disclosure. Should any material events occur, which may necessitate the revision of the amounts or inclusion of further disclosure, we shall advise you accordingly. 12, There are no plans or intentions that may materially alter the carrying value or the classification of assets and liabilities reflected in the financial statements. 13. We have.reviewed the effect of the attached summary of unadjusted errors aggregated during the audit and believe that these are immaterial, both individually and in aggregate, to the financial statements taken as a whole. 14, We have reviewed all the adjustments and journal entries proposed arising out of the audit and confirm our acceptance thereof, Yours faithfully,» IGA Manager Accountant 2of2