The Engagement Letter For Statutory Audit is a crucial document required under Pakistani law and professional standards before commencing any statutory audit engagement. It serves as the formal contract between the audit firm and the client company, establishing the foundation for the audit relationship. This document is mandatory under International Standard on Auditing (ISA) 210 and must comply with the Companies Act 2017 of Pakistan, SECP regulations, and ICAP requirements. The letter details the scope of work, respective responsibilities, reporting requirements, timelines, and fee arrangements. It is particularly important in Pakistan's regulatory environment, where statutory audits are required for companies of various sizes and types, and the letter must reflect specific local legal and professional requirements while adhering to international standards.
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1. Letterhead and Date: Audit firm's letterhead with complete contact details and date of the letter
2. Addressee: Addressing the appropriate person (usually the person charged with governance or board of directors)
3. Opening and Introduction: Confirmation of the appointment and brief introduction of the engagement
4. Scope of Audit: Detailed description of the audit scope, including the applicable financial reporting framework
5. Objectives of the Audit: Clear statement of audit objectives and the requirement to express an opinion on the financial statements
6. Responsibilities of the Auditor: Detailed outline of the auditor's responsibilities, including conducting the audit in accordance with ISAs
7. Responsibilities of Management: Clear statement of management's responsibilities regarding financial statements and internal controls
8. Reporting Requirements: Format, timing and content of expected reports and communications
9. Fees and Billing Arrangements: Details of audit fees, payment terms, and billing schedule
10. Timeline: Expected timeline for the audit process and key deliverables
11. Acknowledgment and Acceptance: Space for client's acknowledgment and acceptance of terms
1. Group Audit Considerations: Additional section when the client is part of a group structure requiring coordination with other auditors
2. Industry-Specific Requirements: Special considerations for regulated industries like banking, insurance, or listed companies
3. Use of Experts: Section describing the potential use of external experts or specialists if required
4. Other Services: Description of any permitted non-audit services if agreed upon
5. Limitation of Liability: Optional liability limitation clauses where permitted by local law
6. COVID-19 or Force Majeure Provisions: Special provisions for remote auditing or force majeure circumstances
1. Fee Schedule: Detailed breakdown of fees, including base audit fee, additional services, and out-of-pocket expenses
2. Timeline Schedule: Detailed audit timeline showing key dates, deliverables, and responsibilities
3. Team Structure: Key engagement team members and their roles
4. Required Information List: Detailed list of documents and information required from the client
5. Quality Control Procedures: Overview of the firm's quality control procedures applicable to the engagement
6. Standard Terms and Conditions: Firm's standard terms and conditions that apply to all audit engagements
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