An Audit Engagement Withdrawal Letter is a crucial document used when an audit firm needs to terminate its professional services before completing an audit engagement. This document, governed by Philippine regulations and professional standards, is typically employed when circumstances such as independence issues, scope limitations, or significant disagreements arise that prevent the continuation of the audit relationship. The letter must carefully balance professional obligations under the Philippine Standards on Auditing with client confidentiality requirements, while ensuring compliance with the Philippine Board of Accountancy regulations. It serves as both a legal record of the engagement termination and a professional courtesy document that facilitates an orderly transition to new auditors.
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1. Letter Header: Including date, recipient details, and reference number
2. Subject Line: Clear indication that this is a withdrawal from audit engagement
3. Opening Paragraph: Reference to the existing audit engagement letter and its date
4. Basis for Withdrawal: Clear explanation of the circumstances leading to the withdrawal decision
5. Timing of Withdrawal: Specific date when the withdrawal becomes effective
6. Work Performed to Date: Summary of audit procedures already completed
7. Outstanding Fees: Statement regarding any unpaid fees for services rendered
8. Return of Documents: Process and timeline for returning client documents
9. Professional Courtesy: Offer to assist with transition to new auditors
10. Closing: Professional closing with signature block and firm details
1. Regulatory Notifications: Include when the client is a regulated entity requiring notification to regulatory bodies
2. Disclaimers: Additional legal disclaimers when high-risk circumstances are involved
3. Conflict Details: Detailed explanation when withdrawal is due to independence or conflict issues
4. Third Party Communications: Instructions regarding communication with third parties when multiple stakeholders are involved
5. Legal Requirements: Specific section addressing legal obligations when withdrawal involves legal proceedings or investigations
1. Schedule A - Summary of Work Performed: Detailed listing of audit procedures completed and status of work
2. Schedule B - Outstanding Matters: List of unresolved audit issues and matters requiring attention
3. Schedule C - Fee Calculation: Breakdown of fees for services rendered up to withdrawal date
4. Appendix 1 - Document Return Schedule: List of client documents to be returned and timeline
Relevant legal definitions
Clauses
Relevant Industries
Financial Services
Banking
Insurance
Manufacturing
Retail
Real Estate
Technology
Healthcare
Education
Non-Profit Organizations
Government Corporations
Mining
Telecommunications
Energy
Construction
Relevant Teams
Audit
Finance
Legal
Compliance
Risk Management
Internal Audit
Corporate Secretariat
Board of Directors
Executive Management
Corporate Governance
Relevant Roles
Audit Partner
Managing Partner
Engagement Partner
Chief Financial Officer
Financial Controller
Corporate Secretary
Compliance Officer
Internal Audit Director
Risk Management Officer
Board Chairman
Audit Committee Chairman
Chief Executive Officer
Chief Operating Officer
Finance Director
Company President
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