A Review Engagement Letter is essential when a company requires limited assurance on its financial statements rather than a full audit. This document, governed by Hong Kong's regulatory framework and professional standards, particularly HKSRE 2400, establishes the professional relationship between the accounting firm and the client. It includes critical information about the scope of work, responsibilities, limitations of a review engagement, timing, fees, and deliverables. The letter is commonly used for interim financial statements, subsidiary companies, or when full audit assurance isn't required by stakeholders or regulations. It serves as the primary contract document defining the terms of service and protecting both parties' interests while ensuring compliance with Hong Kong's professional standards and regulatory requirements.
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Key Requirements PROMPT example:
Review Engagement Letter
"I need a Review Engagement Letter for a Hong Kong fintech startup that requires quarterly review of financial statements starting from January 2025, with specific emphasis on cryptocurrency transactions and digital asset valuations."
1. Addressee and Introduction: Formal letter heading, client details, and opening paragraph confirming the engagement request
2. Engagement Objective: Clear statement of the purpose of the review engagement and the financial statements/period to be reviewed
3. Scope of Review: Detailed description of what a review engagement entails, including its limitations compared to an audit
4. Professional Standards: Reference to HKSRE 2400 and other applicable professional standards
5. Management Responsibilities: Detailed outline of management's responsibilities for financial statements and information provision
6. Practitioner's Responsibilities: Description of the review firm's responsibilities and the nature of procedures to be performed
7. Independence and Ethics: Statement confirming adherence to HKICPA ethical requirements and independence
8. Reporting: Description of the expected form and content of the review report
9. Timing and Fees: Expected timeframe for the review and fee arrangements
10. Confidentiality: Statements regarding data protection and client confidentiality
11. Acceptance and Acknowledgment: Signature blocks and instructions for acknowledging the engagement terms
1. Electronic Communications: Section addressing the use and acceptance of electronic communications and digital signatures, included when electronic delivery of documents is anticipated
2. Group Review Considerations: Additional terms when the review involves group financial statements or multiple entities
3. Specialist Involvement: Terms regarding the potential use of specialists or experts, included when specialized expertise might be required
4. Client Portal Usage: Terms regarding the use of firm's client portal for document sharing, included when the firm uses such technology
5. Force Majeure: Provisions for unforeseen circumstances or events beyond parties' control, included based on risk assessment
6. Anti-Money Laundering Compliance: Specific AML terms and requirements, included for high-risk clients or when specifically required
1. Schedule of Fees: Detailed breakdown of fees, payment terms, and additional charges
2. Timetable: Detailed timeline of the review process, key dates, and deliverables
3. Standard Terms of Business: Firm's standard terms and conditions for professional services
4. Scope of Review Procedures: Detailed list of review procedures to be performed
5. Required Information List: Schedule of information and documents required from the client
6. Team Structure: Overview of engagement team structure and key contacts
Authors
Relevant legal definitions
Clauses
Relevant Industries
Financial Services
Manufacturing
Retail
Technology
Real Estate
Professional Services
Healthcare
Education
Hospitality
Construction
Trading
Import/Export
Non-Profit Organizations
Small and Medium Enterprises
Relevant Teams
Finance
Accounting
Compliance
Legal
Internal Audit
Treasury
Corporate Secretarial
Risk Management
Executive Management
Relevant Roles
Chief Financial Officer
Finance Director
Financial Controller
Audit Partner
Review Engagement Manager
Company Director
Chief Executive Officer
Company Secretary
Audit Committee Chair
Finance Manager
Accounting Manager
Treasury Manager
Compliance Officer
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