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Engagement Letter For Preparation Of Financial Statements Template for Singapore

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Key Requirements PROMPT example:

Engagement Letter For Preparation Of Financial Statements

"I need an Engagement Letter For Preparation Of Financial Statements for my Singapore-based technology startup, with special emphasis on SFRS for Small Entities compliance and including additional advisory services for our planned Series A funding in March 2025."

What is a Engagement Letter For Preparation Of Financial Statements?

The Engagement Letter For Preparation Of Financial Statements is a crucial document used in Singapore's professional accounting services industry. It establishes the professional relationship between an accounting firm and its client, clearly defining the scope of financial statement preparation services. This document is essential when a company requires professional assistance in preparing financial statements in accordance with Singapore Financial Reporting Standards and regulatory requirements. It serves as a formal agreement that protects both parties by clearly outlining responsibilities, deliverables, and terms of service while ensuring compliance with Singapore's regulatory framework.

What sections should be included in a Engagement Letter For Preparation Of Financial Statements?

1. Addressee Details: Full name and address of the client entity including date and reference number

2. Scope of Services: Detailed description of financial statement preparation services to be provided, including applicable accounting standards and reporting periods

3. Professional Standards Reference: Statement of applicable professional standards being followed, including SSRS 4410 and relevant SFRS requirements

4. Management Responsibilities: Clear outline of client's responsibilities including provision of accurate information, internal controls, and compliance with applicable laws

5. Our Responsibilities: Detailed description of the firm's responsibilities in preparing the financial statements and limitations of the engagement

6. Fee Structure: Details of fees, payment terms, billing arrangements and basis for fee calculations

7. Confidentiality Commitment: Statement regarding confidentiality obligations and compliance with PDPA requirements

8. Acknowledgment: Signature blocks for client acceptance and acknowledgment of terms

What sections are optional to include in a Engagement Letter For Preparation Of Financial Statements?

1. Additional Services: Description of any additional services beyond basic financial statement preparation, such as advisory services or specific regulatory reporting

2. Specific Regulatory Requirements: Reference to specific regulatory frameworks for regulated industries or listed companies

3. Third Party Access: Terms regarding sharing of information with third parties or regulators when required

4. Limitation of Liability: Specific clauses limiting the firm's liability where permitted by law

What schedules should be included in a Engagement Letter For Preparation Of Financial Statements?

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

2. Service Timeline: Expected timeline for service delivery and key milestones for the engagement

3. Required Information List: Comprehensive list of documents and information required from client for financial statement preparation

4. Standard Terms and Conditions: Detailed terms and conditions governing the engagement relationship

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, setting 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

Securities and Futures Act: Relevant for listed companies, governing securities trading and financial market regulation in Singapore

SSRS 4410 (Revised): Singapore Standards on Related Services specifically dealing with Compilation Engagements, providing guidelines for preparation of financial statements

Singapore Financial Reporting Standards (SFRS): Set of accounting standards that govern the preparation of financial statements in Singapore

SFRS for Small Entities: Simplified financial reporting standards applicable to smaller entities in Singapore

ACRA Requirements: Regulatory requirements set by the Accounting and Corporate Regulatory Authority for financial reporting and corporate compliance

ISCA Guidelines: Professional guidelines issued by the Institute of Singapore Chartered Accountants for accounting practices

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

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

Corruption, Drug Trafficking and Other Serious Crimes Act: Anti-money laundering legislation that impacts financial reporting and disclosure requirements

Terrorism (Suppression of Financing) Act: Legislation related to preventing and detecting money laundering and terrorism financing tHRough financial systems

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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