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Assurance Engagement Letter Template for Singapore

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Key Requirements PROMPT example:

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."

What is a Assurance Engagement Letter?

The Assurance Engagement Letter is a critical document used in Singapore's professional services landscape to formalize assurance engagements. It serves as the primary contract between assurance providers and their clients, detailing the nature, scope, and terms of the engagement. This document must comply with Singapore's regulatory framework, including ACRA requirements, SSAs, and professional standards. The letter typically includes specific details about the engagement objectives, methodology, limitations, deliverables, and fee arrangements, while also addressing responsibilities, confidentiality, and liability matters.

What sections should be included in a Assurance Engagement Letter?

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

What sections are optional to include in a Assurance Engagement Letter?

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

What schedules should be included in a Assurance Engagement Letter?

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

Alex Denne

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

Relevant legal definitions






























Clauses






























Industries

Companies Act (Cap. 50): Primary legislation governing corporate entities in Singapore, which provides the fundamental legal framework for company operations and corporate governance

Accountants Act (Cap. 2): Key legislation regulating the accounting profession in Singapore, including requirements for public accountants and accounting entities

Securities and Futures Act (Cap. 289): Legislation governing securities, futures, and financial markets in Singapore, particularly relevant for listed entities

Singapore Standards on Auditing (SSAs): Professional standards that govern audit engagements and provide guidance on audit procedures and reporting

Singapore Standard on Assurance Engagements (SSAEs): Professional standards specifically designed for assurance engagements other than audits or reviews of historical financial information

Singapore Standard on Review Engagements (SSREs): Professional standards governing review engagements, which provide a lower level of assurance than audits

Code of Professional Conduct and Ethics: Ethical requirements and professional conduct guidelines for public accountants and accounting entities in Singapore

ACRA Requirements: Regulatory requirements set by the Accounting and Corporate Regulatory Authority for accounting professionals and entities

SGX Listing Requirements: Specific requirements for listed companies on the Singapore Exchange, including reporting and disclosure obligations

ISCA Guidelines: Professional guidelines issued by the Institute of Singapore Chartered Accountants for its members

Personal Data Protection Act 2012: Legislation governing the collection, use, and disclosure of personal data, ensuring client confidentiality and data protection

Anti-Money Laundering Requirements: Regulatory requirements for preventing and detecting money laundering and terrorism financing activities

Singapore Standard on Quality Control 1: Professional standard establishing quality control requirements for firms performing audits, reviews, and other assurance engagements

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, 聽Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination, 聽Severance Pay, Governing Law, Entire Agreemen

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