Engagement Letter Format For Statutory Audit In Suffolk
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FAQ
The engagement letter is required to be signed by those that are deemed authorized representatives of the engaging party. For an audit firm, the engagement letter should be signed by one of the partners of the firm.
Facts of the basis should be mentioned. The engagement partner (auditor) shall sign the audit report.
It is in the interests of both the entity and the auditor that the auditor sends an audit engagement letter before the commencement of the audit to help avoid misunderstandings with respect to the audit.
The engagement letter is required to be signed by those that are deemed authorized representatives of the engaging party. For an audit firm, the engagement letter should be signed by one of the partners of the firm.
The Management Representation Letter is a letter addressed to a federal entity's external auditor, signed by senior management.
When should the engagement letter be sent and signed? The audit engagement letter should be sent after verbal confirmation of the appointment of you as the auditor and ideally signed before the start of any audit work.
Statutory Audit: The statutory audit must be done before the AGM of the company is conducted. The statutory auditor needs to submit the audit report to the board before the conduct of AGM. The audit report should be attached with the company's financial statements and filed with the ROC.
The information reported through statutory reporting can vary depending on the jurisdiction, industry, and type of organization. Common examples include financial statements, tax returns, environmental data, employee information, and corporate governance reports.
Your designated audit firm will prepare the specific terms of engagement using the appropriate AICPA-issued engagement letter template. It should be noted that there are many terms for audit engagements that are deemed required by the AICPA and therefore unable to be negotiated.
Statutory Audit: The statutory audit must be done before the AGM of the company is conducted. The statutory auditor needs to submit the audit report to the board before the conduct of AGM. The audit report should be attached with the company's financial statements and filed with the ROC.
