Third Party Confirmation Audit

Third Party Confirmation Audit Template for Malaysia

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Key Requirements PROMPT example:

"I need a Third Party Confirmation Audit agreement for a Malaysian technology company's financial statements, with specific focus on accounts receivable confirmation and inventory validation, to be completed by March 2025 for submission to potential investors."

Document background

The Third Party Confirmation Audit agreement is essential for organizations requiring independent verification of specific information or statements under Malaysian law. This document type is commonly used when external stakeholders, such as banks, regulators, or business partners, require formal confirmation of certain aspects of a company's operations, financial position, or compliance status. The agreement ensures compliance with Malaysian regulatory requirements, including the Companies Act 2016, Malaysian Approved Standards on Auditing, and professional guidelines issued by the Malaysian Institute of Accountants. It outlines the specific procedures, timelines, and deliverables for the confirmation audit, while establishing clear responsibilities for both the audit firm and the client organization. The document is particularly relevant in contexts where formal third-party verification is required for regulatory compliance, financial transactions, or business relationships.

Suggested Sections

1. Parties: Identification of the audit firm, the client company, and any other relevant parties

2. Background: Context of the audit requirement and the relationship between the parties

3. Definitions: Key terms used throughout the agreement including technical audit terminology

4. Scope of Services: Detailed description of the audit services to be provided, including type of confirmation required

5. Auditor's Responsibilities: Specific duties, obligations, and standards of work expected from the audit firm

6. Client's Responsibilities: Obligations of the client including provision of information, access to records, and cooperation requirements

7. Independence and Professional Standards: Confirmation of auditor's independence and commitment to professional standards

8. Confidentiality: Provisions for handling confidential information in accordance with PDPA 2010

9. Timing and Deliverables: Timeline for the audit process and specification of deliverables

10. Fees and Payment Terms: Audit fees, payment schedule, and related financial terms

11. Limitation of Liability: Scope of auditor's liability and any limitations thereof

12. Term and Termination: Duration of the agreement and conditions for termination

13. Governing Law and Jurisdiction: Specification of Malaysian law as governing law and jurisdiction for disputes

Optional Sections

1. Industry-Specific Compliance: Additional provisions for regulated industries (e.g., financial services, insurance)

2. International Reporting Requirements: For companies with international reporting obligations or cross-border operations

3. Group Company Provisions: Additional terms for audits involving group companies or subsidiaries

4. Electronic Data Processing: Specific provisions for handling electronic records and digital audit procedures

5. Force Majeure: Provisions for unforeseen circumstances affecting audit execution

6. Anti-Corruption and Anti-Bribery: Additional compliance terms for high-risk industries or international operations

7. Dispute Resolution: Alternative dispute resolution procedures if preferred over court proceedings

Suggested Schedules

1. Schedule 1 - Scope of Work: Detailed breakdown of audit procedures, methodologies, and specific confirmations required

2. Schedule 2 - Fee Schedule: Detailed breakdown of fees, expenses, and payment terms

3. Schedule 3 - Timeline: Detailed project timeline including key milestones and deliverable dates

4. Schedule 4 - Required Documentation: List of documents and information required from the client

5. Schedule 5 - Reporting Format: Templates and formats for audit reports and confirmations

6. Appendix A - Professional Standards: Reference to applicable Malaysian and international audit standards

7. Appendix B - Contact Details: Key personnel and contact information for both parties

8. Appendix C - Compliance Checklist: Checklist of regulatory and professional requirements to be met

Authors

Alex Denne

Head of Growth (Open Source Law) @ ��Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Financial Services

Banking

Insurance

Manufacturing

Real Estate

Construction

Healthcare

Retail

Technology

Energy

Telecommunications

Professional Services

Education

Transportation and Logistics

Relevant Teams

Finance

Audit

Legal

Compliance

Risk Management

Treasury

Corporate Governance

Corporate Secretarial

Operations

Internal Control

Relevant Roles

Chief Financial Officer

Financial Controller

Audit Partner

Senior Auditor

Compliance Officer

Company Secretary

Finance Director

Audit Manager

Risk Manager

Financial Analyst

Accounts Manager

Treasury Manager

Internal Audit Director

Corporate Governance Officer

Legal Counsel

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