The Assurance Engagement Letter is a crucial document used in South Africa when professional firms undertake assurance engagements with clients. It serves as the formal contract between the assurance provider and the client, outlining the scope, terms, and conditions of the engagement. The letter must comply with the Auditing Profession Act No. 26 of 2005, IRBA requirements, and relevant international standards such as ISAE 3000. It is essential for establishing clear expectations, responsibilities, and deliverables while incorporating necessary legal protections and regulatory compliance elements specific to the South African context.
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1. Addressee Details: Formal address to the appropriate governance body or management of the client
2. Engagement Subject: Clear identification of the subject matter of the assurance engagement
3. Scope of Work: Detailed description of the nature, timing, and extent of procedures to be performed
4. Professional Standards: Reference to ISAE 3000 and other applicable professional standards
5. Independence Declaration: Statement confirming independence and compliance with ethical requirements
6. Client Responsibilities: Detailed outline of management's and those charged with governance's responsibilities
7. Practitioner's Responsibilities: Clear statement of the practitioner's responsibilities and limitations
8. Deliverables: Description of the expected output, including the form and content of the assurance report
9. Timing: Expected timeframes and key milestone dates
10. Fees and Payment Terms: Fee structure, payment terms, and billing arrangements
11. Acknowledgment and Acceptance: Space for client signature and acceptance of terms
1. Use of Experts: Include when external experts or specialists will be involved in the engagement
2. Data Protection Compliance: Include detailed POPIA compliance sections when significant personal information processing is involved
3. Group Engagement Considerations: Include when the engagement involves group structures or multiple components
4. Access to Working Papers: Include when there might be third-party access requests to working papers
5. Electronic Communications: Include when significant electronic communication and data transfer is expected
6. Conflict Resolution: Include detailed dispute resolution procedures for high-risk engagements
1. Schedule A - Scope Details: Detailed description of the specific assurance procedures to be performed
2. Schedule B - Fee Schedule: Detailed breakdown of fees, including hourly rates and estimated hours
3. Schedule C - Timing Schedule: Detailed timeline of the engagement including key dates and deliverables
4. Appendix 1 - Team Structure: Key team members and their roles in the engagement
5. Appendix 2 - Required Information: List of information and documents required from the client
6. Appendix 3 - Terms and Conditions: Standard terms and conditions including liability limitations and indemnities
Relevant legal definitions
Clauses
Relevant Industries
Financial Services
Mining
Manufacturing
Retail
Technology
Healthcare
Energy
Telecommunications
Real Estate
Professional Services
Public Sector
Non-Profit Organizations
Education
Relevant Teams
Audit
Finance
Risk Management
Compliance
Legal
Internal Audit
Corporate Governance
Executive Management
Board of Directors
Relevant Roles
Partner - Assurance Services
Director - Audit
Chief Financial Officer
Financial Director
Audit Committee Chairman
Company Secretary
Risk Manager
Compliance Officer
Chief Executive Officer
Managing Director
Board Chairman
Senior Manager - Assurance
Internal Audit Director
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