Document background
The Engagement Letter For Audit Services is a crucial document used when establishing or renewing a formal audit relationship between a professional audit firm and a client organization in the Philippines. It serves as the primary contract document outlining the terms under which the audit will be conducted, incorporating requirements from the Philippine Standards on Auditing, the Philippine Accountancy Act of 2004, and other relevant local regulations. The letter typically includes detailed specifications about audit scope, responsibilities, methodology, timelines, and fees. It's particularly important in the Philippine context where specific regulatory requirements must be met, especially for publicly listed companies, regulated entities, and organizations requiring statutory audits. The document ensures both parties have a clear understanding of their obligations and helps prevent future disputes about the scope and nature of the audit services.
