{"id":1725,"date":"2014-12-17T00:00:00","date_gmt":"2014-12-16T18:30:00","guid":{"rendered":""},"modified":"2015-12-31T11:30:10","modified_gmt":"2015-12-31T06:00:10","slug":"format-of-audit-engagement-letter-for-audit-of-financial-statements-under-the-companies-act-2013-when-reporting-u-s-143-3-i-is-applicable","status":"publish","type":"post","link":"https:\/\/taxclick.org\/type\/miscellaneous\/format-of-audit-engagement-letter-for-audit-of-financial-statements-under-the-companies-act-2013-when-reporting-u-s-143-3-i-is-applicable\/","title":{"rendered":"Format of Audit Engagement Letter for Audit of Financial Statements under the Companies Act 2013, When Reporting u\/s 143(3)(i) is Applicable"},"content":{"rendered":"
\n
\n

 <\/span><\/a><\/p>\n

Example of an Audit
\nEngagement Letter<\/strong><\/span><\/p>\n

Audit of Financial Statements under the Companies Act 2013 and the Rules
\nThereunder (When Reporting u\/s 143(3)(i) is Applicable)<\/strong><\/span><\/p>\n

(to be added to
\nAppendix 1 to SA 210<\/strong>1<\/sup><\/strong>)<\/strong><\/p>\n

<\/p>\n

Part A: Audit of
\nFinancial Statements<\/strong><\/span><\/p>\n

 <\/span><\/p>\n

To, the Board of Directors of ………………
\n(name of the Entity)<\/span><\/p>\n

 <\/span><\/p>\n

(Address)<\/em><\/span><\/p>\n

 <\/span><\/p>\n

Dear Sirs,<\/span><\/p>\n

 <\/span><\/p>\n

I   \/  We 
\nrefer  to  the 
\nletter  dated  _________ 
\ninforming  me  \/  us  about 
\nmy  \/  our 
\n(re)<\/span><\/span><\/p>\n

 <\/span><\/p>\n

appointment\/ratification
\nas the auditors of the Company. You have requested that I \/ we audit the
\nfinancial statements of the Company as defined in Section 2(40)
\nof the Companies Act, 2013 (\u20182013<\/span>Act\u2019)<\/span>, for the financial year(s) beginning April 1, 20XX and ending March 31,
\n20YY2<\/sup>. The
\nfinancial<\/span><\/p>\n

 <\/span><\/p>\n

statements of the Company
\ninclude, where applicable, consolidated financial statements of the Company and
\nof all its subsidiaries, associate companies and joint ventures. I am \/ We are
\npleased to confirm my \/ our acceptance and my \/ our understanding of this audit
\nengagement by means of this letter.<\/p>\n

 <\/span><\/p>\n

My \/ Our audit will be
\nconducted with the objective of me \/ our expressing an opinion if the aforesaid
\nfinancial statements give the information required by the 2013 Act in the
\nmanner so required, and give a true and fair view in conformity with the
\napplicable accounting principles generally accepted in India, of the state of
\naffairs of the Company as at 31st March, 20YY, and its profit\/loss and its cash
\nflows for the year ended on that date which, inter alia<\/em>, includes
\nreporting in conjunction whether the Company has an adequate internal financial
\ncontrols system over financial reporting in place and the operating
\neffectiveness of such controls. In forming my \/ our opinion on the financial
\nstatements, I \/ we will rely on the work of branch auditors appointed by the
\nCompany and my \/ our report would expressly state the fact of such reliance.3<\/sup><\/p>\n

 <\/span><\/p>\n

I \/ We will conduct my
\n\/ our audit in accordance with the Standards on Auditing (SAs), issued by the
\nInstitute of Chartered Accountants of India (ICAI) and deemed to be prescribed
\nby the Central Government in accordance with Section 143(10) of the 2013 Act.
\nThose Standards require that I \/ we comply with ethical requirements and plan
\nand perform the audit to obtain reasonable assurance about whether the
\nfinancial statements are free from material misstatements. An audit involves
\nperforming<\/p>\n

procedures to obtain audit evidence about the
\namounts and the disclosures in the financial statements.<\/span><\/p>\n

The
\nprocedures selected depend on the auditor\u2019s judgment, including the assessment
\nof the risks of <\/span>material
\nmisstatement of the financial statements, whether due to fraud or error. In
\nmaking those risk assessments, the auditor considers internal financial
\ncontrol relevant to the Company\u2019s preparation of <\/span>the financial
\nstatements that give a true and fair view in order to design audit procedures
\nthat are appropriate in the circumstances.<\/span><\/p>\n<\/div>\n

\n

 <\/p>\n

The terms of reference
\nfor my \/ our audit of internal financial controls over financial reporting
\ncarried out
\nin conjunction with our audit of the Company\u2019s financial statements will be as
\nstated in the separate engagement letter for conducting such audit and
\nshould be read in conjunction with this letter.<\/p>\n

 <\/p>\n

An audit also includes
\nevaluating the appropriateness of the accounting policies used and the
\nreasonableness of accounting estimates made by the Management, as well as
\nevaluating the overall presentation of the financial statements.<\/p>\n

 <\/p>\n

Because of the inherent
\nlimitations of an audit, including the possibility of collusion or improper
\nmanagement override of controls, there is an unavoidable risk that material
\nmisstatements due to fraud or error may occur and not be detected, even though
\nthe audit is properly planned and performed in accordance with the SAs. Also,
\nprojections of any evaluation of the internal financial controls over financial
\nreporting to future periods are subject to the risk that the internal financial
\ncontrol over financial reporting may become inadequate because of changes in
\nconditions, or that the degree of compliance with the policies or procedures
\nmay deteriorate.<\/p>\n

 <\/p>\n

My \/ Our audit will be
\nconducted on the basis that the Management and those charged with governance
\n(Audit Committee \/ Board) acknowledge and understand that they have the
\nresponsibility:<\/p>\n

 <\/p>\n

(a)    For the preparation of financial statements that
\ngive a true and fair view in accordance with the applicable Financial Reporting
\nStandards and other generally accepted accounting principles in India. This
\nincludes: <\/p>\n

 <\/p>\n

\u00b7        
\nCompliance with
\nthe applicable provisions of the 2013 Act; <\/p>\n

 <\/p>\n

\u00b7        
\nProper
\nmaintenance of accounts and other matters connected therewith; <\/p>\n

 <\/p>\n

\u00b7        
\nThe
\nresponsibility for the preparation of the financial statements on a going
\nconcern basis; <\/p>\n

 <\/p>\n

\u00b7        
\nThe
\npreparation of the annual accounts in accordance with, the applicable
\naccounting standards and providing proper explanation relating to any material
\ndepartures from those accounting standards; <\/p>\n

 <\/p>\n

\u00b7        
\nSelection
\nof accounting policies and applying them consistently and making judgments and
\nestimates that are reasonable and prudent so as to give a true and fair view of
\nthe state of affairs of the Company at the end of the financial year and of the
\nprofit and loss of the Company for that period; <\/p>\n

 <\/p>\n

\u00b7        
\nTaking
\nproper and sufficient care for the maintenance of adequate accounting records
\nin accordance with the provisions of the 2013 Act for safeguarding the assets
\nof the Company and for preventing and detecting fraud and other irregularities;\n<\/p>\n<\/div>\n

<\/p>\n

\n

 \u00b7        
\nLaying
\ndown internal financial controls to be followed by the Company and that such
\ninternal financial controls are adequate and were operating effectively; and<\/p>\n<\/div>\n

\n

 <\/p>\n

\u00b7        
\nDevising
\nproper systems to ensure compliance with the provisions of all applicable laws
\nand that such systems were adequate and operating effectively. <\/p>\n

 <\/p>\n

(b)   Identifying and informing me \/ us of financial
\ntransactions or matters that may have any adverse effect on the functioning of
\nthe Company. <\/p>\n

 <\/p>\n

(c)   
\nIdentifying and
\ninforming me \/ us of : <\/p>\n

 <\/p>\n

\u00b7     
\nAll
\nthe pending litigations and confirming that the impact of the pending
\nlitigations on the Company\u2019s financial
\nposition has been disclosed in its financial statements;<\/p>\n

 <\/p>\n

\u00b7     
\nAll
\nmaterial foreseeable losses, if any, on long term contracts including
\nderivative contracts and the accrual for such losses as required under any law
\nor accounting standards; and <\/p>\n

 <\/p>\n

\u00b7     
\nAny
\ndelay in transferring amounts, required to be transferred, to the Investor
\nEducation and Protection Fund by the Company. <\/p>\n

 <\/p>\n

(d)   Informing me \/ us of facts that may affect the
\nfinancial statements, of which Management may become aware during the period
\nfrom the date of my \/ our report to the date the financial statements are
\nissued. <\/p>\n

 <\/p>\n

(e)  Identifying and informing me \/ us as to whether any director is
\ndisqualified as on March 31, 20YY from being appointed as a director in terms
\nof Section 164 (2) of the 2013 Act. This should be supported by written
\nrepresentations received from the directors as on March 31, 20YY and taken on
\nrecord by the Board of Directors.<\/p>\n

 <\/p>\n

(f)   
\nTo provide me \/
\nus, inter alia<\/em>, with: <\/p>\n

 <\/p>\n

(i)                
\nAccess,
\nat all times, to all information, including the books, accounts, vouchers and
\nother records and documentation of the Company, whether kept at the Head Office
\nor elsewhere, of which the Management is aware that are relevant to the
\npreparation of the financial statements such as records, documentation and other
\nmatters. This will include books of account maintained in electronic mode; <\/p>\n

 <\/p>\n

(ii)              
\nAccess,
\nat all times, to the records of all the subsidiaries (including associate
\ncompanies and joint ventures as per Explanation to Section 129(3) of the 2013
\nAct) of the Company in so far as it relates to the consolidation of its
\nfinancial statements, as envisaged in the 2013 Act; <\/p>\n

 <\/p>\n

(iii)            
\nAccess
\nto reports, if any, relating to internal reporting on frauds (e.g., vigil
\nmechanism reports etc.), including those submitted by cost accountant or
\ncompany secretary in practice to the extent it relates to their reporting on
\nfrauds in accordance with the requirements of Section 143(12) of the 2013 Act; <\/p>\n<\/div>\n

\n

<\/p>\n

(iv)            
\nAdditional
\ninformation that I \/ we may request from the Management for the purposes of my
\n\/ our audit;<\/p>\n<\/div>\n

\n

 <\/p>\n

(v)              
\nUnrestricted
\naccess to persons within the Company from whom I \/ we deem it necessary to
\nobtain audit evidence. This includes my \/ our entitlement to require from the
\nofficers of the Company such information and explanations as I \/ we may think
\nnecessary for the performance of my \/ our duties as the auditors of the
\nCompany; and <\/p>\n

 <\/p>\n

(vi)            
\nAll
\nthe required support to discharge my \/ our duties as the statutory auditors as
\nstipulated under the Companies Act, 2013\/ ICAI standards on auditing and
\napplicable guidance. <\/p>\n

 <\/p>\n

As part of my \/ our audit process, I \/ we will request from the
\nManagement written confirmation concerning representations made to me \/ us in
\nconnection with my \/ our audit.<\/p>\n

 <\/p>\n

My \/ Our report prepared in accordance with relevant provisions of the
\n2013 Act would be addressed to the shareholders of the Company for adoption of
\nthe accounts at the Annual General Meeting. In respect of other services, my \/
\nour report would be addressed to the Board of Directors. The form and content
\nof my \/ our report may need to be amended in the light of my \/ our audit
\nfindings.<\/p>\n

 <\/p>\n

In accordance with the requirements of Section 143(12) of the 2013 Act,
\nif in the course of performance of my \/ our duties as auditor, I \/ we have
\nreason to believe that an offence involving fraud is being or has been
\ncommitted against the Company by officers or employees of the Company, I \/ we
\nwill be required to report to the Central Government, in accordance with the
\nrules prescribed in this regard which, inter alia,<\/em> requires me \/ us to
\nforward my \/ our report to the Board or Audit Committee, as the case may be,
\nseeking their reply or observations, to enable me \/ us to forward the same to
\nthe Central Government.<\/p>\n

 <\/p>\n

As stated above, given that I am \/ we are required as per Section
\n143(12) of the Act to report on frauds, such reporting will be made in good
\nfaith and, therefore, cannot be considered as breach of maintenance of client
\nconfidentiality requirements or be subject to any suit, prosecution or other
\nlegal proceeding since it is done in pursuance of the 2013 Act or of any rules
\nor orders made thereunder.<\/p>\n

 <\/p>\n

I \/ We also wish to invite your attention to the
\nfact that our audit process is subject to ‘peer review’ \/ \u2018quality
\nreview\u2019 under the Chartered Accountants Act, 1949. The
\nreviewer(s) may inspect, examine or<\/p>\n

take
\nabstract of my \/ our working papers during the course of the peer
\nreview\/quality review.<\/p>\n

 <\/p>\n

I \/ We may involve specialists and staff from our affiliated network
\nfirms to perform certain specific audit procedures during the course of my \/
\nour audit.<\/p>\n

 <\/p>\n

In terms of Standard on Auditing 720 \u2013
\n\u201cThe Auditor\u2019s Responsibility in Relation to Other Information in Documents Containing Audited Financial Statements\u201d issued by the ICAI and deemed to be<\/p>\n

 <\/p>\n

prescribed by the Central Government in accordance with Section 143(10)
\nof the 2013 Act , I \/ we request you to provide to me \/ us a Draft of the
\nAnnual Report containing the audited financial  statements so as to enable me \/ us to read the same
\nand communicate material inconsistencies, if any, with
\nthe audited financial statements, before issuing the auditor\u2019s report on the
\nfinancial statements.<\/p>\n

\n<\/div>\n

\n

 This letter should be read in conjunction with my \/ our letter dated ___
\nfor the Audit of Internal Financial Controls Over Financial Reporting under the
\n2013 Act, in respect of which separate fees have been fixed\/will be mutually agreed.<\/p>\n<\/div>\n

<\/p>\n

 <\/p>\n

I
\n\/ We look forward to full cooperation from your staff during my \/ our audit.<\/p>\n

 <\/p>\n

Please sign and return the attached copy of this letter to indicate your
\nacknowledgement of, and agreement with, the arrangements for my \/ our audit of
\nthe financial statements including our respective responsibilities.<\/p>\n

 <\/p>\n

Yours faithfully,<\/p>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n

(signature)<\/p>\n

 <\/p>\n

(Name of the Member)
\n(Designation)5<\/sup><\/p>\n

(Name
\nof the Firm)<\/p>\n

 <\/p>\n

 <\/p>\n

Date:<\/p>\n

 <\/p>\n

 <\/p>\n

Place:<\/p>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n

Copy to: Chairman,
\nAudit Committee<\/p>\n

 <\/p>\n

 <\/p>\n

Acknowledged on behalf
\nof <<Name of the entity>><\/p>\n

 <\/p>\n

 <\/p>\n

Name
\nand Designation: _________________<\/p>\n

 <\/p>\n

Date:  ______________<\/p>\n

<\/p>\n

1  
\n<\/sup>Standard
\non Auditing (SA) 210, Agreeing the Terms of Audit Engagement.<\/em><\/p>\n

 <\/sup><\/p>\n

2  <\/sup>An
\nEngagement Letter may need to be entered into for each year of the period
\ncovered by the Eligibility Letter issued by the auditor u\/s 139 and the
\nAppointment Letter received from the Company, to supplement \/ update for any
\nsubsequent changes. This may be required because the appointment would need to
\nbe ratified at each AGM u\/s 139 of the 2013 Act. <\/sup><\/p>\n

 <\/sup><\/p>\n

3<\/sup>Delete
\nsentence on branch auditors where not applicable. <\/sup><\/p>\n

 <\/p>\n

4 For example, \u201cMy \/
\nOur fees and out-of-pocket expenses for the audit of the financial statements
\nfor the year have been fixed by the members at the Annual General Meeting at Rs.____________,
\nplus out-of-pocket expenses and indirect taxes\/ will be mutually agreed between
\nthe Board of Directors of the Company and me \/ ourselves.* I \/ We will bill as
\nthe work progresses. I \/ We will notify you promptly of any circumstances I \/
\nwe encounter that could significantly affect my \/ our estimate of fees and
\ndiscuss with you any additional fees, as necessary.\u201d<\/p>\n

 <\/p>\n

5<\/sup> Partner or proprietor, as the case
\nmay be.<\/p>\n<\/div>\n

\n

* delete as applicable<\/p>\n

Source : ICAI<\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

  Example of an Audit Engagement Letter (to be added to Appendix 1 to SA 2101)<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":"","_mi_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[11],"tags":[148],"yoast_head":"\nFormat of Audit Engagement Letter for Audit of Financial Statements under the Companies Act 2013, When Reporting u\/s 143(3)(i) is Applicable - All About Finance<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/taxclick.org\/type\/miscellaneous\/format-of-audit-engagement-letter-for-audit-of-financial-statements-under-the-companies-act-2013-when-reporting-u-s-143-3-i-is-applicable\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Format of Audit Engagement Letter for Audit of Financial Statements under the Companies Act 2013, When Reporting u\/s 143(3)(i) is Applicable - 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