The Balance Sheet Only Audit Engagement Letter is utilized when a company requires a limited scope audit focusing exclusively on its balance sheet, rather than a full statutory audit. This document, governed by English and Welsh law, establishes the professional relationship between the audit firm and the client, detailing specific responsibilities, limitations, and expectations. It ensures compliance with UK audit standards while providing a more focused and potentially cost-effective alternative to a full audit. The letter addresses key aspects including scope, methodology, limitations, fee structure, and relevant professional standards.
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1. Letter Header: Includes firm letterhead, date, reference number and addressee details
2. Introduction: Opening paragraph confirming the engagement to perform a balance sheet only audit
3. Scope of Audit: Detailed description of the balance sheet only audit scope and its limitations
4. Auditor's Responsibilities: Clear outline of the auditor's duties, obligations and professional requirements
5. Management's Responsibilities: Detailed list of management obligations including preparation of financial statements and internal controls
6. Basis of Fee: Fee structure, payment terms and billing arrangements
7. Agreement of Terms: Formal acknowledgment and acceptance section with signature blocks
1. Group Audit Considerations: Additional terms when the client is part of a larger group structure requiring coordination with group auditors
2. Specialist Input: Terms covering the use of external experts or specialists in specific areas
3. Overseas Reporting: Additional requirements for international reporting or cross-border considerations
4. Other Services: Description of any additional services agreed to be provided alongside the audit
1. Standard Terms of Business: Detailed terms and conditions covering all aspects of the professional relationship
2. Fee Schedule: Detailed breakdown of fees, hourly rates, and charging structure
3. Data Processing Agreement: Terms governing the processing of personal data in compliance with UK GDPR
4. Engagement Team Structure: Details of key team members, their roles and responsibilities
5. Quality Control Procedures: Overview of the firm's quality control procedures applicable to the engagement
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