The Audit Engagement Letter is a crucial document required under Belgian law and professional standards before commencing any statutory or voluntary audit engagement. It serves as the formal contract between a registered audit firm and the client company, establishing the framework for the audit relationship. The letter must comply with Belgian corporate law, particularly the Belgian Company Code, EU audit regulations, and International Standards on Auditing (ISA 210). It is typically issued annually or for a multi-year period as specified by Belgian statutory requirements, and must address specific local requirements including language considerations (French/Dutch/German) and regulatory oversight by the Belgian Institute of Registered Auditors (IBR-IRE).
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1. Letterhead and Date: Audit firm's official letterhead with complete contact details and date
2. Addressee: Addressing the appropriate governance body or management of the client company
3. Subject Line: Clear indication that this is an audit engagement letter for the specified financial year
4. Opening Paragraph: Confirmation of the appointment and brief context of the engagement
5. Scope of Audit: Detailed description of the audit scope, including the financial statements to be audited and the applicable financial reporting framework
6. Auditor's Responsibilities: Clear outline of the auditor's responsibilities, including reference to ISAs and Belgian legal requirements
7. Management's Responsibilities: Detailed description of management's responsibilities regarding financial statements and information access
8. Reporting Requirements: Description of the expected form and content of the auditor's report
9. Timeline and Deadlines: Key dates and deadlines for the audit process and report delivery
10. Fee Structure: Details of audit fees, payment terms, and any additional cost considerations
11. Independence Declaration: Statement confirming the auditor's independence in accordance with Belgian law and professional requirements
12. Signature Block: Space for both parties' signatures, including titles and dates
1. Group Audit Considerations: Required when the client is part of a larger group structure, detailing additional requirements and coordination with group auditors
2. Use of External Experts: Include when the audit will require the use of external experts or specialists
3. Multi-year Appointment: Include when the engagement covers multiple years, specifying terms for each year
4. IT Systems Access: Required when specific IT system access or digital tools will be used during the audit
5. COVID-19 or Force Majeure Provisions: Include specific provisions for remote working or force majeure situations when relevant
6. Regulatory Reporting Requirements: Include for regulated entities with specific regulatory reporting obligations
1. Appendix A - Detailed Fee Schedule: Breakdown of fees, including hourly rates, estimated hours, and additional services
2. Appendix B - Audit Timeline: Detailed timeline of the audit process, including key milestones and deliverables
3. Appendix C - Required Client Documentation: List of documents and information the client needs to provide
4. Appendix D - Team Structure: Key audit team members and their roles
5. Appendix E - General Terms and Conditions: Standard terms and conditions of the audit firm
6. Appendix F - Data Protection Protocol: Specific procedures for handling personal data in compliance with GDPR
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