Engagement letter 4 / 10

An engagement letter is a letter from the auditor to the client indicating various matters concerning the engagement

The engagement letter is sent before the audit to the client confirming their acceptance of the audit

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Contents

ISA 210 Terms of Engagement gives guidance as to their content, but as a rule most will include:

  • The Objective of the audit.

  • Managements’ responsibility for the Financial Statements.

  • The scope of the audit including reference to legislation and professional standards.

  • The form of report to be used

  • Use of the work of internal audit

  • Reference to inherent limitations of an audit

  • Access to information to be allowed

  • Deadlines and confidentiality

  • Expectations of management representations

  • Fees

  • Complaints procedures

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