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Third Party Confirmation Audit

Third Party Confirmation Audit Template for Singapore

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Key Requirements PROMPT example:

Third Party Confirmation Audit

"Need a Third Party Confirmation Audit agreement for our Singapore-based manufacturing company with international subsidiaries, requiring specific provisions for cross-border confirmations and multiple currency transactions to be completed by March 2025."

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What is a Third Party Confirmation Audit?

The Third Party Confirmation Audit agreement is essential for businesses requiring independent verification of their financial positions through external confirmations. This document, governed by Singapore law, sets out the framework for conducting confirmation procedures, typically used during annual audits or special purpose engagements. It ensures compliance with Singapore Standards on Auditing (SSAs) and international best practices while protecting all parties' interests. The agreement is particularly crucial for maintaining transparency and providing assurance to stakeholders about the accuracy of financial information.

What sections should be included in a Third Party Confirmation Audit?

1. Parties: Identification of the audit firm, client company, and any other relevant parties

2. Background: Context of the audit engagement and purpose

3. Definitions: Key terms used throughout the agreement

4. Scope of Services: Detailed description of audit services to be performed

5. Professional Standards: Reference to applicable auditing standards and requirements

6. Confidentiality: Terms regarding handling of confidential information and data protection obligations under PDPA

7. Representations and Warranties: Statements of fact and promises made by both parties regarding their capacity and authority

8. Term and Termination: Duration of the agreement and circumstances under which it can be terminated

9. Liability and Indemnification: Limitations of liability and indemnification obligations of both parties

10. Governing Law and Jurisdiction: Specification of Singapore law as governing law and jurisdiction for disputes

What sections are optional to include in a Third Party Confirmation Audit?

1. Industry-Specific Requirements: Additional requirements for regulated industries such as banking or securities

2. International Considerations: Cross-border requirements and standards for international operations

3. Group Audit Provisions: Special provisions for auditing group companies with subsidiaries

4. Data Protection Requirements: Enhanced data protection provisions for handling sensitive personal data

What schedules should be included in a Third Party Confirmation Audit?

1. Schedule 1 - Fee Schedule: Detailed breakdown of audit fees and payment terms

2. Schedule 2 - Timeline and Milestones: Key dates and milestones for the audit process

3. Schedule 3 - Required Documentation: List of documents and information required from the client

4. Schedule 4 - Professional Team: Key personnel involved in the audit engagement and their roles

5. Schedule 5 - Compliance Requirements: Specific regulatory and compliance requirements applicable to the audit

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

alex.den.21@genieai.co
Relevant legal definitions


































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Industries

Companies Act (Cap. 50): Primary legislation governing corporate entities in Singapore, including requirements for financial reporting and auditing

Accountants Act (Cap. 2): Regulates the accounting profession in Singapore and establishes the framework for public accountants and accounting entities

Singapore Standards on Auditing (SSAs): Professional standards that govern how audits should be conducted in Singapore

Evidence Act (Cap. 97): Governs the admissibility of evidence, including audit documentation and electronic records

Personal Data Protection Act 2012 (PDPA): Regulates the collection, use, disclosure, and care of personal data by organizations

Spam Control Act: Controls the sending of unsolicited commercial electronic messages and protects against misuse of personal information

Code of Professional Conduct and Ethics: Professional standards and ethical guidelines for public accountants and accounting entities in Singapore

Singapore Standard on Quality Control 1 (SSQC 1): Quality control standards for firms performing audits and reviews of financial statements

Banking Act: Regulatory framework for banking institutions, relevant when auditing financial institutions

Securities and Futures Act: Regulates securities, futures, and derivatives markets, particularly important for listed companies

MAS Guidelines: Regulatory guidelines issued by the Monetary Authority of Singapore for financial sector

International Standards on Auditing (ISA): Global standards for conducting audits, which Singapore has adopted

International Financial Reporting Standards (IFRS): International accounting standards that influence financial reporting and auditing requirements

Corruption, Drug Trafficking and Other Serious Crimes Act: Anti-money laundering legislation that affects due diligence requirements in audits

Terrorism (Suppression of Financing) Act: Legislation concerning prevention of terrorism financing that may affect audit procedures

Contract Law of Singapore: General principles of contract law that govern the formation and enforcement of audit agreements

Electronic Transactions Act: Governs electronic transactions and records, relevant for digital audit documentation and electronic communications

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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