Document background
The Personal Financial Statement Engagement Letter is a crucial document used in the Philippine financial services industry when an individual requires professional assistance in preparing or reviewing their personal financial statements. This document becomes necessary when individuals need to present their financial position for various purposes such as loan applications, investment opportunities, or estate planning. The engagement letter, governed by Philippine law and professional standards, establishes the scope of work, methodologies to be used, and respective responsibilities of both the professional firm and the client. It must comply with the Philippine Accountancy Act, relevant PSA standards, and the Data Privacy Act of 2012, particularly given the sensitive nature of personal financial information being handled. The document serves as a protective measure for both parties by clearly documenting the terms of service and expectations.
