The CPA Engagement Letter is a crucial document required for establishing professional relationships between accounting firms and their clients in Hong Kong. It serves as the formal contract defining the terms of engagement, scope of services, and mutual obligations. This document must comply with Hong Kong's Professional Accountants Ordinance, HKICPA requirements, and relevant auditing standards. The engagement letter typically precedes any substantive work and is required for various services including audits, reviews, compilations, and other assurance services. It provides protection for both parties by clearly defining expectations, limitations, and deliverables while ensuring compliance with professional standards and regulatory requirements.
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Key Requirements PROMPT example:
CPA Engagement Letter
"I need a CPA Engagement Letter for our Hong Kong manufacturing company's annual audit, with work to commence March 2025, including specific provisions for ESG reporting requirements and a liability cap of HKD 10 million."
1. Addressee and Date: Formal letter heading with client's name, position, company details and date
2. Introduction: Opening paragraph confirming the engagement and thanking the client for selecting the firm
3. Scope of Services: Detailed description of the professional services to be provided, including type of audit/review and applicable reporting framework
4. Professional Standards: Reference to relevant professional standards, including HKFRS and HKSAs that will be followed
5. Responsibilities: Clear delineation of CPA firm's and client's responsibilities
6. Deliverables: Description of reports, statements, or other outputs to be provided
7. Timeline: Expected timeframes for service delivery and key milestones
8. Fees and Payment Terms: Professional fees, billing arrangements, and payment terms
9. Confidentiality: Commitments regarding client information confidentiality and data protection
10. Signature Block: Space for acceptance signatures from both parties
1. Use of External Experts: Include when the engagement requires specialized expertise or third-party professionals
2. Group Audit Considerations: Include for engagements involving parent companies and subsidiaries
3. Specific Regulatory Requirements: Include when the client is subject to specific regulatory frameworks requiring additional procedures
4. Foreign Reporting Requirements: Include when financial statements need to comply with multiple jurisdictions
5. IT Systems and Data Access: Include when the engagement requires specific IT arrangements or data access protocols
6. Quality Control Review: Include for high-risk or listed company engagements requiring additional quality control procedures
1. Fee Schedule: Detailed breakdown of fees for different service components and payment milestones
2. Engagement Team: List of key team members and their roles in the engagement
3. Service Timeline: Detailed timeline showing key dates, deliverables, and client dependencies
4. Required Information List: Comprehensive list of documents and information required from the client
5. Standard Terms and Conditions: Firm's standard terms including liability limitations and dispute resolution procedures
Authors
Relevant legal definitions
Services
Engagement
Engagement Partner
Engagement Team
Working Papers
Deliverables
Professional Standards
HKFRS
HKSQC
Material
Materiality
Financial Statements
Audit Evidence
Professional Judgment
Internal Control
Management
Those Charged with Governance
Reasonable Assurance
Reporting Framework
Confidential Information
Client Data
Fee Schedule
Force Majeure
Group Audit
Component Auditor
Liability Cap
Working Days
Engagement Period
Applicable Financial Reporting Framework
Electronic Communications
Engagement
Engagement Partner
Engagement Team
Working Papers
Deliverables
Professional Standards
HKFRS
HKSQC
Material
Materiality
Financial Statements
Audit Evidence
Professional Judgment
Internal Control
Management
Those Charged with Governance
Reasonable Assurance
Reporting Framework
Confidential Information
Client Data
Fee Schedule
Force Majeure
Group Audit
Component Auditor
Liability Cap
Working Days
Engagement Period
Applicable Financial Reporting Framework
Electronic Communications
Clauses
Scope of Services
Professional Standards
Client Responsibilities
Auditor Responsibilities
Confidentiality
Data Protection
Fees and Payment
Timing and Deliverables
Document Retention
Independence
Quality Control
Liability Limitation
Force Majeure
Termination
Dispute Resolution
Governing Law
Electronic Communications
Third Party Rights
Non-Solicitation
Entire Agreement
Client Acceptance
Professional Indemnity
Intellectual Property
Conflict of Interest
Anti-Money Laundering Compliance
Professional Standards
Client Responsibilities
Auditor Responsibilities
Confidentiality
Data Protection
Fees and Payment
Timing and Deliverables
Document Retention
Independence
Quality Control
Liability Limitation
Force Majeure
Termination
Dispute Resolution
Governing Law
Electronic Communications
Third Party Rights
Non-Solicitation
Entire Agreement
Client Acceptance
Professional Indemnity
Intellectual Property
Conflict of Interest
Anti-Money Laundering Compliance
Relevant Industries
Financial Services
Manufacturing
Real Estate
Technology
Retail
Healthcare
Education
Professional Services
Construction
Transportation and Logistics
Energy and Utilities
Telecommunications
Non-Profit Organizations
Government and Public Sector
Entertainment and Media
Relevant Teams
Finance
Accounting
Internal Audit
Treasury
Corporate Governance
Legal
Executive Management
Board of Directors
Audit Committee
Compliance
Risk Management
Relevant Roles
Chief Financial Officer
Financial Controller
Chief Executive Officer
Finance Director
Audit Committee Chairman
Board Chairman
Company Secretary
Treasury Manager
Accounting Manager
Financial Reporting Manager
Corporate Controller
Director of Finance
Head of Internal Audit
Chief Operating Officer
Managing Director
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