The Engagement Letter For Preparation Of Financial Statements is a crucial document used when a company engages professional accountants to prepare their financial statements in accordance with Hong Kong regulations. This document is necessary to comply with professional standards set by the Hong Kong Institute of Certified Public Accountants (HKICPA) and the Hong Kong Companies Ordinance. It clearly defines the scope of services, establishes expectations, and outlines responsibilities while ensuring compliance with local regulatory requirements. The letter is particularly important for companies that need professional assistance in preparing financial statements but don't require a full audit, and it helps protect both the accounting firm and the client by clearly documenting the nature and limitations of the engagement.
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1. Addressee Details: Client's name, position, and company address
2. Introduction: Purpose of the letter and confirmation of the engagement
3. Scope of Services: Detailed description of the financial statement preparation services to be provided
4. Management's Responsibilities: Client's responsibilities including providing accurate information and making decisions
5. Our Responsibilities: Accountant's responsibilities and limitations of the services
6. Basis of Preparation: Framework and standards to be used in preparing the financial statements
7. Timeframe and Deadlines: Expected timeline for service delivery and important deadlines
8. Professional Fees: Fee structure, payment terms, and billing arrangements
9. Confidentiality: Commitments regarding client information protection
10. Acceptance and Acknowledgment: Signature blocks and confirmation of engagement terms
1. Use of External Specialists: Include when third-party experts may be needed for specific aspects of the engagement
2. Multiple Entity Reporting: Include when services cover multiple related entities or subsidiaries
3. Electronic Data Processing: Include when specific software or electronic systems will be used
4. Staff Continuity: Include when specific staff continuity guarantees are requested
5. Dispute Resolution: Include when specific dispute resolution procedures are required
6. Language of Delivery: Include when financial statements need to be prepared in multiple languages
1. Schedule of Fees: Detailed breakdown of fees, hourly rates, and additional charges
2. Service Timeline: Detailed project timeline with key milestones and deliverables
3. Required Documentation: List of documents and information the client needs to provide
4. Team Structure: Details of key team members and their roles in the engagement
5. Standard Terms and Conditions: Firm's standard terms and conditions for professional services
6. Data Protection Protocols: Specific procedures for handling and protecting client data
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