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Review Engagement Letter Template for Nigeria

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Key Requirements PROMPT example:

Review Engagement Letter

"I need a Review Engagement Letter for my manufacturing company based in Lagos, Nigeria, with quarterly review services starting from March 2025, including specific provisions for inventory valuation and compliance with local manufacturing regulations."

Document background
The Review Engagement Letter is a crucial document in the Nigerian professional services landscape that establishes the professional relationship between an accounting firm and its client for financial statement review services. This document is specifically used when a client requires a level of assurance that falls between an audit and a compilation engagement. The letter must comply with Nigerian regulatory requirements, including those set by the Financial Reporting Council of Nigeria and the Institute of Chartered Accountants of Nigeria (ICAN). It typically includes detailed scope of services, responsibilities, limitations, timelines, and fee arrangements. The Review Engagement Letter is particularly important as it helps manage expectations and reduces the risk of misunderstanding between parties by clearly documenting the nature, scope, and limitations of the review engagement.
Suggested Sections

1. Letterhead and Date: Professional firm's letterhead with full contact details and date of the letter

2. Client Address Block: Full name and address of the client entity

3. Engagement Overview: Brief introduction stating the purpose of the letter and confirmation of the engagement

4. Scope of Review: Detailed description of the review services to be provided, including the specific financial statements to be reviewed and the period covered

5. Nature of Review Engagement: Explanation of what a review engagement entails and how it differs from an audit

6. Management Responsibilities: Clear outline of the client management's responsibilities regarding financial statements and information provision

7. Our Responsibilities: Description of the accounting firm's responsibilities and limitations of the review engagement

8. Timeline and Deliverables: Expected timeframes for the review and format of deliverables

9. Fees and Payment Terms: Fee structure, payment schedule, and any additional cost considerations

10. Confidentiality: Commitments regarding client information confidentiality and data protection

11. Signature Blocks: Space for both parties to sign and date the engagement letter

Optional Sections

1. Quality Control Procedures: Description of the firm's quality control procedures when required by specific industry regulations or client request

2. Use of External Experts: Include when the engagement may require the use of external specialists or experts

3. Group Company Considerations: Required when the client is part of a group structure and review involves multiple entities

4. Electronic Communication Provisions: Specific provisions for electronic communication and document sharing when required

5. Dispute Resolution: Optional section detailing dispute resolution procedures for more complex engagements

6. Anti-Money Laundering Provisions: Detailed AML provisions when dealing with high-risk clients or sectors

Suggested Schedules

1. Schedule A - Fee Schedule: Detailed breakdown of fees, charging rates, and payment terms

2. Schedule B - Timing and Deliverables: Detailed timeline of the review process and list of specific deliverables

3. Schedule C - Required Information List: List of documents and information required from the client

4. Appendix 1 - Standard Terms of Business: Firm's standard terms and conditions for professional services

5. Appendix 2 - Team Structure: Overview of the engagement team structure and key contacts

Authors

Alex Denne

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

Relevant legal definitions






























Clauses



























Relevant Industries

Financial Services

Manufacturing

Retail

Technology

Healthcare

Energy and Natural Resources

Real Estate

Construction

Agriculture

Telecommunications

Professional Services

Non-Profit Organizations

Education

Hospitality

Transportation and Logistics

Relevant Teams

Finance

Accounting

Legal

Compliance

Risk Management

Internal Audit

Treasury

Corporate Governance

Executive Leadership

Board of Directors

Audit Committee

Relevant Roles

Chief Financial Officer

Finance Director

Financial Controller

Audit Partner

Review Engagement Partner

Senior Accountant

Company Secretary

Managing Director

Chief Executive Officer

Finance Manager

Compliance Officer

Risk Manager

Business Unit Director

Treasury Manager

Board Member

Audit Committee Member

Industries







Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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