An Audit Engagement Withdrawal Letter is a critical document used when an audit firm needs to formally terminate its professional services before the completion of an audit engagement. Under UAE law, particularly Federal Law No. 12 of 2014 and related regulations, audit firms must follow specific procedures when withdrawing from an engagement. This document is typically used when circumstances such as scope limitations, independence issues, or significant disagreements arise that prevent the continuation of the audit. The letter must carefully balance professional obligations, regulatory requirements, and risk management considerations while maintaining professional courtesy. It serves as both a legal record and a practical guide for concluding the engagement, particularly important in the UAE's highly regulated business environment where audit relationships are closely scrutinized by regulatory authorities.
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1. Letter Header and Date: Formal business letter header including date and reference number
2. Recipient Details: Full name, title, and address of the client's appropriate representative (usually board chairman or audit committee chair)
3. Original Engagement Reference: Reference to the original audit engagement letter and its date
4. Confirmation of Withdrawal: Clear statement of the decision to withdraw from the audit engagement
5. Basis for Withdrawal: Professional explanation of the circumstances leading to withdrawal, stated factually and without emotion
6. Immediate Actions Required: Clear outline of immediate steps needed from both parties
7. Status of Work Performed: Summary of audit work completed to date and current status
8. Professional Fees: Statement regarding outstanding fees and billing arrangements
9. Return of Documents: Process and timeline for returning client documents and materials
10. Closing Statement: Professional closing including any regulatory notifications required
11. Signature Block: Formal signature block with audit partner's name and firm details
1. Regulatory Notifications: Required for listed companies or regulated entities, detailing specific regulatory bodies to be notified
2. Successor Auditor Arrangements: Include when there is already an identified successor auditor or specific handover requirements
3. Specific Risk Matters: Include when there are specific risk issues that need to be documented formally
4. Confidentiality Reminder: Include when dealing with sensitive industries or when specific confidentiality agreements were in place
5. Legal Requirements: Include when specific legal obligations need to be addressed or documented
1. Schedule A - Work Performed Summary: Detailed list of audit procedures completed and status of each major audit area
2. Schedule B - Outstanding Fees Calculation: Breakdown of fees for work performed and any outstanding amounts
3. Schedule C - Document Inventory: List of client documents in possession and to be returned
4. Appendix 1 - Relevant Correspondence: Copies of key correspondence leading to the withdrawal decision
5. Appendix 2 - Regulatory Requirements: Summary of relevant regulatory requirements and compliance steps taken
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