The Engagement Letter For Statutory Audit is a mandatory document required before commencing any statutory audit in Hong Kong. It is issued in compliance with Hong Kong Standard on Auditing 210 (HKSA 210) and the requirements of the Hong Kong Companies Ordinance (Cap. 622). This document is necessary for all companies requiring a statutory audit in Hong Kong, which includes all incorporated companies except those qualifying for specific exemptions. The engagement letter establishes the fundamental terms of the audit relationship, including scope, responsibilities, limitations, and deliverables. It must be signed before the audit work begins and remains valid unless circumstances require modification. The letter also addresses specific Hong Kong regulatory requirements, professional standards, and reporting obligations unique to the jurisdiction.
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1. Letterhead and Date: Audit firm's letterhead and current date
2. Addressee: Addressed to the appropriate representatives of client's management or those charged with governance
3. Opening Paragraph: Introduction confirming the engagement and its purpose
4. Scope of Audit: Clear description of the scope of the statutory audit and the specific financial statements to be audited
5. Objective and Nature of Audit: Explanation of the audit's objective and its inherent limitations
6. Responsibilities of the Auditor: Detailed outline of the auditor's responsibilities under HKSAs
7. Responsibilities of Management: Clear statement of management's responsibilities regarding financial statements and information access
8. Reporting Requirements: Description of expected form and content of auditor's reports
9. Fee Arrangements: Details of fee calculation, billing arrangements and payment terms
10. Timeline: Expected timetable for the audit and reporting deadlines
11. Confirmation and Acceptance: Request for written acknowledgment and agreement to terms
1. Group Audit Arrangements: Required when the client is part of a group structure requiring coordination with other auditors
2. Specific Industry Requirements: Added for regulated industries like financial services or insurance
3. Other Services: Included when additional non-audit services are being provided alongside the statutory audit
4. Use of External Experts: Required when specialist expertise will be needed during the audit
5. Remote Working Arrangements: Added when significant portions of the audit will be conducted remotely
6. Special Considerations: Added for unique circumstances affecting the audit approach or timeline
1. Appendix A - Standard Terms of Business: Detailed terms and conditions governing the professional relationship
2. Appendix B - Fee Schedule: Detailed breakdown of fees, hourly rates, and additional charges
3. Appendix C - Required Client Assistance: List of documents, schedules, and support required from the client
4. Appendix D - Timeline and Key Dates: Detailed audit timetable including key milestones and deadlines
5. Appendix E - Team Structure: Key audit team members and their roles
6. Appendix F - Data Protection Requirements: Specific arrangements for handling sensitive data and personal information
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