The Request For Audit Services document is a crucial instrument used when organizations in Singapore need to engage external auditors. This document is particularly important for ensuring compliance with Singapore's statutory audit requirements and maintaining transparency in the auditor selection process. It typically includes detailed specifications of the audit scope, evaluation criteria, and submission requirements. The document serves as the foundation for establishing a formal engagement between the organization and the selected audit firm, while ensuring compliance with Singapore's regulatory framework, including the Companies Act and professional standards set by the Accounting and Corporate Regulatory Authority (ACRA).
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Key Requirements PROMPT example:
Request For Audit Services
"Need a Request For Audit Services document for a Singapore-based fintech startup, requiring specialized IT audit capabilities and cryptocurrency transaction reviews, with the audit to commence in March 2025."
1. Introduction: Overview of the request and purpose of the audit services request
2. Scope of Services: Detailed description of required audit services, including type of audit, period, and specific requirements
3. Timeline: Expected duration of the engagement, key milestones, and important dates
4. Deliverables: Specific outputs required from the audit firm, including reports, presentations, and documentation
5. Requirements for Proposals: Format and content requirements for audit firms' responses, including technical and financial proposals
6. Evaluation Criteria: Detailed criteria and methodology for assessing proposals from audit firms
7. Submission Instructions: Specific instructions for proposal submission, including deadline, format, and contact information
1. Pre-qualification Requirements: Specific requirements for audit firms to be eligible to submit proposals, including experience, certifications, and industry expertise
2. Conflict of Interest Provisions: Detailed requirements regarding independence and potential conflicts of interest
3. Site Visit Requirements: Details about physical inspection requirements and facility access for audit purposes
1. Schedule A: Company Information: Background information about the company requesting audit services, including organizational structure and operations
2. Schedule B: Scope Details: Detailed breakdown of audit requirements, expectations, and specific areas of focus
3. Schedule C: Price Schedule Template: Standardized format for audit firms to submit their price proposals and fee structures
4. Appendix 1: Previous Financial Statements: Relevant financial information from previous periods to provide context for the audit scope
5. Appendix 2: Required Forms: Standard forms and templates to be completed by audit firms as part of their proposal submission
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