The Compilation Engagement Letter is a crucial document used when a client engages an accounting firm to compile financial information without providing assurance on that information. This document, governed by Irish law, establishes the professional relationship between the accounting firm and the client, outlining the nature, scope, and limitations of the compilation services. It incorporates requirements from ISRS 4410, Irish Companies Act 2014, data protection legislation, and anti-money laundering regulations. The letter is particularly important as it clarifies that the engagement does not constitute an audit or review engagement, thus setting appropriate expectations for all parties involved. It should be used whenever a business requires professional assistance in compiling financial information while ensuring compliance with Irish regulatory requirements.
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1. Addressee and Date: Formal letter heading with client details and date
2. Engagement Objective: Clear statement of the compilation engagement purpose and scope
3. Scope of Compilation Services: Detailed description of what the compilation engagement will and will not cover
4. Management's Responsibilities: Outline of client's responsibilities including providing accurate information and making decisions
5. Accountant's Responsibilities: Description of the practitioner's responsibilities in the compilation engagement
6. Basis of Compilation: Framework and basis used for the compilation of financial information
7. Regulatory Compliance: Reference to relevant regulatory requirements including AML and data protection
8. Fee Arrangements: Details of fees, billing arrangements and payment terms
9. Agreement Confirmation: Request for client acknowledgment and acceptance of terms
1. Other Services: Include when additional services beyond basic compilation are being offered
2. Staff Arrangements: Include when specific staff or partner commitments need to be documented
3. Timing and Deadlines: Include when specific timeframes or deadlines are crucial to the engagement
4. Electronic Communications: Include when specific arrangements for electronic data transfer need to be agreed
5. Third Party Access: Include when compiled information might be shared with or accessed by third parties
6. Industry-Specific Requirements: Include when the client operates in a regulated industry requiring special considerations
1. Schedule of Services: Detailed listing of all services included in the compilation engagement
2. Fee Schedule: Detailed breakdown of fees and charging structure
3. Standard Terms and Conditions: Firm's standard terms and conditions for professional services
4. Data Protection Schedule: Detailed GDPR and data protection provisions
5. Required Information List: List of information and documents the client needs to provide
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