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Compilation Engagement Letter Template for Singapore

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Key Requirements PROMPT example:

Compilation Engagement Letter

"Need a Compilation Engagement Letter for my tech startup based in Singapore, with specific focus on quarterly financial statement compilation and emphasis on data security measures, starting from March 2025."

What is a Compilation Engagement Letter?

A Compilation Engagement Letter is essential when a business requires professional assistance in compiling financial information without providing assurance services. This document, governed by Singapore's regulatory framework, establishes the professional relationship between the accounting firm and the client. The letter outlines the nature of compilation services, clearly stating that no audit or review will be performed, and details both parties' responsibilities. Used primarily when businesses need help preparing financial statements but don't require an audit or review engagement, the Compilation Engagement Letter serves as a crucial risk management tool while ensuring compliance with professional standards.

What sections should be included in a Compilation Engagement Letter?

1. Addressee Details: Client's name, position, and business address at the start of the letter

2. Engagement Objective: Clear statement of the compilation engagement purpose and nature of services

3. Scope of Services: Detailed description of compilation services to be provided, including reference to SSRS 4410

4. Management Responsibilities: Client's responsibilities regarding information provision, accuracy, and compliance with relevant laws

5. Practitioner Responsibilities: Accountant's responsibilities, service limitations, and professional standards compliance

6. Fee Structure: Professional fees, payment terms, and billing arrangements

7. Confidentiality Statement: Commitment to maintain client confidentiality in accordance with PDPA and professional standards

8. Acceptance and Acknowledgment: Signature blocks and acceptance terms for both parties

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

1. Timing and Deadlines: Specific completion dates and project timeline for time-sensitive engagements

2. Staff Assignment: Key team members and their roles for larger or complex engagements

3. Conflict Resolution: Dispute resolution procedures and governing law provisions for high-value engagements

4. Use of Technology: Details about specific software or systems to be used in the compilation process

What schedules should be included in a Compilation Engagement Letter?

1. Schedule A - Fee Schedule: Detailed breakdown of fees, charging structure, and payment terms

2. Schedule B - Detailed Service Scope: Comprehensive outline of services, deliverables, and specific exclusions

3. Schedule C - Standard Terms and Conditions: Standard terms of business including liability limitations and professional standards

4. Schedule D - Required Information List: Checklist of information and documents required from the client

Authors

Alex Denne

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

Relevant legal definitions

























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Industries

Companies Act (Cap. 50): Primary legislation governing corporate entities in Singapore, which sets out requirements for financial reporting and corporate compliance

Accountants Act (Cap. 2): Regulates the accounting profession in Singapore and establishes the framework for professional accounting services

Singapore Financial Reporting Standards (SFRS): Financial reporting standards that govern the preparation and presentation of financial statements in Singapore

SSRS 4410 (Revised): Singapore Standard on Related Services specifically addressing compilation engagements, providing guidelines for practitioners

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

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

Practice Monitoring Programme (PMP): Quality assurance program that monitors public accountants' compliance with auditing and ethical standards

PAOC Guidelines: Guidelines issued by the Public Accountants Oversight Committee for professional conduct and practice

Personal Data Protection Act 2012: Legislation governing the collection, use, disclosure, and care of personal data in Singapore

Corruption, Drug Trafficking and Other Serious Crimes Act: Anti-money laundering legislation requiring reporting of suspicious transactions and proper client due diligence

Terrorism (Suppression of Financing) Act: Legislative framework to prevent and suppress terrorism financing in Singapore

Singapore Contract Law: Common law principles governing formation and enforcement of contracts in Singapore

Electronic Transactions Act: Legislation providing legal fouNDAtion for electronic signatures and electronic communications in contracts

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

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