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Engagement Letter For Review Of Financial Statements

Engagement Letter For Review Of Financial Statements Template for Singapore

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Engagement Letter For Review Of Financial Statements

"I need an Engagement Letter For Review Of Financial Statements for my Singapore-based technology startup, with specific provisions for handling cloud-based accounting systems and offshore operations in Vietnam, targeting completion of the review by March 2025."

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What is a Engagement Letter For Review Of Financial Statements?

The Engagement Letter For Review Of Financial Statements is a crucial document in Singapore's professional accounting practice, required whenever an accounting firm undertakes a review engagement of financial statements. It establishes the professional relationship between the accounting firm and the client, clearly defining the scope and limitations of the review engagement. This document is essential for compliance with Singapore's regulatory requirements, including SSRE 2400 and ACRA guidelines, and helps manage expectations by clearly outlining deliverables, timelines, and responsibilities of all parties involved. It differs from an audit engagement letter in that it acknowledges the limited assurance nature of the review engagement.

What sections should be included in a Engagement Letter For Review Of Financial Statements?

1. Addressee Details: Client entity name, address, and responsible person details

2. Scope of Review: Clear description of the review engagement and its limitations, including reference to SSRE 2400

3. Management Responsibilities: Outline of client management's responsibilities including preparation of financial statements and internal controls

4. Practitioner's Responsibilities: Description of reviewer's responsibilities, scope limitations, and level of assurance provided

5. Fees and Payment Terms: Professional fees, payment schedule, and billing arrangements

6. Timeline: Expected completion dates, key milestones, and reporting deadlines

7. Confidentiality: Confidentiality obligations and compliance with PDPA requirements

What sections are optional to include in a Engagement Letter For Review Of Financial Statements?

1. Additional Services: Details of any supplementary services beyond basic review scope requested by the client

2. Industry-Specific Requirements: Special considerations and additional procedures for regulated industries

3. Group Reporting Requirements: Additional requirements and procedures for entities that are part of a larger group

What schedules should be included in a Engagement Letter For Review Of Financial Statements?

1. Fee Schedule: Detailed breakdown of fees, payment terms, and additional charges

2. Standard Terms and Conditions: Firm's standard terms of business including liability limitations and dispute resolution

3. Timeline Schedule: Detailed project timeline, key dates, and deliverables

4. Required Information List: Comprehensive list of documents and information required from the client

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant legal definitions
Review of Financial Statements
Review Engagement
Limited Assurance
Engagement Partner
Financial Statements
Management
Those Charged with Governance
Professional Standards
SSRE 2400
Material Misstatement
Engagement Team
Working Papers
Deliverables
Engagement Letter
Review Report
Professional Fees
Reasonable Assurance
Scope of Review
Applicable Financial Reporting Framework
Internal Control
Professional Judgment
Independence
Confidential Information
Engagement Period
Force Majeure
Services
Clauses
Scope of Services
Professional Standards
Responsibilities of Management
Responsibilities of the Practitioner
Engagement Timeline
Fees and Payment Terms
Deliverables
Confidentiality
Independence
Data Protection
Document Retention
Professional Liability
Limitation of Liability
Force Majeure
Termination
Dispute Resolution
Governing Law
Client Assistance
Third Party Rights
Entire Agreement
Amendments
Electronic Communications
Staff Assignment
Quality Control
Use of Reports
Intellectual Property
Industries

Companies Act (Cap. 50): Primary legislation governing corporate entities in Singapore, including requirements for financial reporting and corporate governance

Accountants Act (Cap. 2): Legislation regulating the accounting profession in Singapore, including the registration and regulation of public accountants

Securities and Futures Act: Legislation governing securities markets and financial instruments, particularly relevant for listed companies

SSRE 2400 (Revised): Singapore Standard on Review Engagements providing framework for review of financial statements

SSQC 1: Singapore Standards on Quality Control establishing quality control requirements for firms performing reviews of financial statements

Code of Professional Conduct and Ethics: Professional standards governing conduct and ethics for public accountants and accounting entities

ACRA Requirements: Regulatory requirements set by the Accounting and Corporate Regulatory Authority for financial statement reviews

ISCA Guidelines: Professional guidelines established by the Institute of Singapore Chartered Accountants

SGX Listing Requirements: Specific requirements for listed companies on the Singapore Exchange

Personal Data Protection Act 2012: Legislation governing the collection, use, and disclosure of personal data in Singapore

Corruption, Drug Trafficking and Other Serious Crimes Act: Anti-money laundering legislation requiring reporting of suspicious transactions

Terrorism (Suppression of Financing) Act: Legislation aimed at preventing the financing of terrorism tHRough financial systems

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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