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Assurance Engagement Letter
"Need an Assurance Engagement Letter for our Singapore-based fintech startup requiring system controls assurance, with specific focus on cybersecurity controls and data protection compliance, to be completed by March 2025."
1. Addressee Block: Formal address to the client entity and responsible individuals
2. Engagement Objective: Clear statement of the purpose and scope of the assurance engagement, including the subject matter to be assured
3. Professional Standards Reference: Reference to applicable Singapore Standards on Auditing (SSAs) and other relevant professional standards
4. Scope of Work: Detailed description of the nature, timing and extent of procedures to be performed
5. Practitioner's Responsibilities: Outline of the assurance practitioner's duties, obligations and professional requirements
6. Management's Responsibilities: Clear statement of management's responsibilities including provision of information and written representations
7. Fee Arrangements: Details of professional fees, billing arrangements and payment terms
8. Timeline: Expected timeframes for the engagement and key deliverable dates
9. Confidentiality: Statement regarding confidentiality obligations and PDPA compliance
10. Signature Blocks: Spaces for both parties to acknowledge and accept the terms of engagement
1. Specific Limitations: Additional scope limitations or restrictions specific to the engagement
2. Access Requirements: Specific requirements regarding access to records, personnel, and facilities
3. Third Party Access: Restrictions and conditions for third party access to deliverables
4. Use of Experts: Details regarding the involvement of external experts or specialists
5. Independence Declaration: Specific statements regarding independence when required by regulation
1. Standard Terms and Conditions: Firm's standard terms of business including liability limitations
2. Fee Schedule: Detailed breakdown of fees, charging rates and payment terms
3. Project Timeline: Detailed project milestones, deadlines and key deliverable dates
4. Engagement Team Structure: Key team members, their roles and responsibilities
5. Required Information List: Detailed list of information and documents required from the client
Authors
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