After communication and mutual understanding between the bank and the auditor, the auditor issues an audit engagement letter to confirm the appointment formally.
The content of an engagement letter often includes important details such as the scope of services to be provided, fees or billing arrangements, confidentiality clauses, dispute resolution mechanisms, and any other relevant terms agreed upon by both parties.
Reading the Proposal Letter is customary at a Yoruba Traditional Wedding, and this is usually done by the bride's younger sibling, her younger sister especially, but if the bride only has male siblings, they can read it too.
The service provider typically prepares the Letter of Engagement, be it a law firm, accounting agency, consultancy, or any professional offering services.
For an engagement letter to be binding, there must be agreement to the terms on both sides. The engagement letter is drafted and, in most cases, signed by the firm, therefore there is clear evidence of the agreement of the contents of the letter on the firm's side.
An engagement letter is drafted by the company rendering the service, often with the help of a lawyer. It is than presented to the client, and both parties must sign in order for it to be legally binding.