In order to be compliant it's important that you issue an engagement letter for an Audit correctly. It's therefore crucial that you:
Issue engagement letters for audits or independent examinations separate to any other work you have agreed to do for your client. Find out more here.
Ensure you have combined the correct scope with the correct Service Schedule.
The video and article below will show you exactly how to produce an Audit Letter of Engagement using OverSuite.
Explainer Video - Produce A Compliant Audit Letter
Produce An Audit Engagement Letter Using OverSuite
Step 1. Select the correct Scope
Using the correct audit scope from OverSuite is crucial to creating a compliant Audit Engagement Letter.
When creating your Letter of Engagement, ensure you select the correct one of the following:
Limited Company (Audit)
Limited Liability Partnership (Audit)
Community Interest Company (Audit)
Step 2. Include the correct Service Schedule
It's crucial that you combine the audit scope with the correct audit schedule, as this sets out the respective responsibilities of the auditor and client.
You need to ensure you have an audit line item configured and matched to the OverSuite Audit service schedule (from Configure > Line Items).
Once you have done so, selecting the Audit line item in your proposal or engagement letter tool will pull the correct schedule through to your letter.
A sense check
Preview your Engagement Letter before sending it out, and ensure you can see the sections below in the format presented.
This should be in addition to your standard introductions, terms and conditions, privacy notice and agreement statements.
If you have any questions, please reach out to us! 😃