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Engagement Letter For Review Of Financial Statements Template for Saudi Arabia

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Key Requirements PROMPT example:

Engagement Letter For Review Of Financial Statements

"I need an Engagement Letter for Review of Financial Statements for my Saudi-based manufacturing company, with the review to be completed by March 2025, including specific clauses about confidentiality and data protection as we handle sensitive industrial information."

Document background
The Engagement Letter For Review Of Financial Statements is a crucial document used when a company requires a limited assurance review of its financial statements rather than a full audit. This document is particularly relevant in Saudi Arabia where businesses must comply with SOCPA regulations and local legal requirements. The letter establishes the professional relationship between the accounting firm and the client, clearly defining the scope of work, limitations of review procedures, and respective responsibilities. It's commonly used for smaller or medium-sized enterprises, subsidiaries of larger groups, or in situations where stakeholders require some level of external assurance but not a full audit. The document must reflect Saudi Arabian legal requirements, professional standards, and cultural considerations while maintaining alignment with international review engagement standards.
Suggested Sections

1. Addressee Details: Formal address to the client's appropriate governance personnel or management

2. Purpose of Engagement: Clear statement of the engagement purpose and the financial statements to be reviewed

3. Scope of Review: Description of the nature of a review engagement, including its limitations compared to an audit

4. Management's Responsibilities: Detailed outline of management's responsibilities for financial statements and internal controls

5. Practitioner's Responsibilities: Description of the reviewer's responsibilities and the procedures to be performed

6. Independence Statement: Declaration of professional independence in accordance with SOCPA requirements

7. Report Format: Description of the expected format and content of the review report

8. Timeline and Deadlines: Expected timeframe for the review and key delivery dates

9. Fee Arrangements: Professional fees, payment terms, and billing arrangements

10. Confidentiality Commitment: Statement regarding confidentiality obligations and data protection

11. Governing Law: Statement that the engagement is governed by Saudi Arabian law

12. Acknowledgment and Acceptance: Space for client's acknowledgment and acceptance of terms

Optional Sections

1. Group Reporting Requirements: Include when the client is part of a group structure requiring specific reporting considerations

2. Regulatory Compliance: Additional section for listed companies subject to CMA regulations

3. Use of External Experts: Include when specific expertise may be required during the engagement

4. Electronic Communications: Specific terms regarding electronic information exchange when relevant

5. Translation Requirements: Include when financial statements or reports need to be provided in multiple languages

6. Limitation of Liability: Specific liability limitations where permitted by Saudi law

7. Anti-Money Laundering Procedures: Detailed AML procedures when dealing with high-risk clients or sectors

Suggested Schedules

1. Schedule A - Engagement Timeline: Detailed timeline of key dates and deliverables

2. Schedule B - Fee Schedule: Detailed breakdown of fees, payment terms, and additional charges

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

4. Appendix 1 - Team Structure: Key engagement team members and their roles

5. Appendix 2 - Review Procedures: Detailed description of review procedures to be performed

6. Appendix 3 - Management Representation Letter Template: Template for required management representations

Authors

Alex Denne

Head of Growth (Open Source Law) @ 黑料视频 | 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

Manufacturing

Retail

Healthcare

Technology

Construction

Real Estate

Financial Services

Professional Services

Hospitality

Education

Transportation

Energy

Telecommunications

Mining

Agriculture

Relevant Teams

Finance

Accounting

Internal Audit

Compliance

Legal

Treasury

Executive Management

Board of Directors

Audit Committee

Relevant Roles

Chief Financial Officer

Financial Controller

Finance Director

Audit Committee Chair

Board Director

Managing Director

Chief Executive Officer

Finance Manager

Accounting Manager

Company Secretary

Compliance Officer

Internal Audit Manager

Treasury Manager

Financial Reporting Manager

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, 聽Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination, 聽Severance Pay, Governing Law, Entire Agreemen

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