It covers the statutory audit appointment as described in the proposal you accepted, and it applies from the date you sign and return it.
We will only act once our independence and engagement acceptance checks have cleared and the formal appointment is in place. If anything in the proposal and this letter conflict, we will talk it through with you and confirm the agreed position in writing before we proceed.
Scope
This engagement covers the statutory audit appointment on a project basis, for the period and entity or entities we confirm during the scope and reporting framework walk-through.
What you get under this engagement is exactly the work listed in the proposal under “What we sell”. We will confirm, in writing, the audit scope and the reporting framework before fieldwork starts. Anything outside what we confirm, including additional entities, late-added components, extra reporting packages, or a change in reporting requirements, is treated as a change. If something changes mid-audit, we will set out the extra work, the fee impact, and any timing impact, and we will only proceed once you approve the variation in writing.
Payment
Our fee for the statutory audit appointment is paid in two stages. You pay 50% when you sign to book the work. You pay the remaining 50% when the engagement is complete.
We will invoice at those points. Each invoice is payable within 14 days of its invoice date.
If an invoice goes past due, we will tell you what is outstanding and ask when payment will be made. If payment is still not received, we may pause work until the account is brought up to date. If we pause, timelines move by the length of the pause, and any knock-on effects on third-party confirmations and filing dates sit with the revised plan we agree with you in writing.
Confidentiality
Both sides will keep each other’s non-public information private. For you, that includes financial information, systems access, and anything we learn about your customers, suppliers, pricing, and contracts. For us, it includes our templates, checklists, and the way we plan and perform our audit work.
We will only share your information with people who need it to run the audit, such as component auditors or specialists, and only to the extent required. We may also need to respond to regulator or professional requests where we are required to do so.
When the engagement ends, you can keep and use the signed appointment and onboarding pack once fees are paid in full. We keep our working papers and do not release them to third parties unless we agree this with you in writing or we are required to do so.
How we’re engaged
We are engaged as an independent professional firm. We are not your employee, officer, or agent, and we do not make management decisions for you.
We are responsible for our own people, taxes, tools, and the way we organise our work. For this engagement, Eileen Tan is the audit engagement partner responsible for acceptance, independence sign-off, and the final scope and reporting framework confirmation. Marcus Lim runs the day-to-day planning, information requests, and coordination, including group or component instructions.
You are responsible for your records, the financial statements, and for arranging the formal appointment and authorised signatories. If board or shareholder approvals are required, we will wait for those approvals before issuing the onboarding pack.
Limits of responsibility
We will carry out our work with reasonable skill and care, using the information you provide and the responses we receive from third parties. You understand that an audit is not designed to catch every error or every instance of fraud, especially where information is withheld, altered, or misrepresented.
We are not responsible for delays or missed target dates caused by late information, slow responses to questions, or slow third-party confirmations from banks, customers, suppliers, or component teams. If these delays occur, we will update dates promptly and agree a revised plan with you.
We are also not responsible for work that falls outside the audit scope and reporting framework we confirm in writing, unless you approve a written variation before we do that additional work.
Ending the engagement
Either of us can end this engagement by giving notice. Because notice needs to fit your reporting timetable, we will agree the notice period with you in writing if termination comes up.
If you end the engagement, you will pay for the work we have completed up to the end date, plus any unavoidable costs we have already committed with your knowledge. If we have already invoiced more than the value of work completed, we will credit the difference. If we have invoiced less, we will invoice the balance. All invoices remain payable within 14 days of the invoice date.
If we end the engagement because our independence or acceptance position changes, we will explain the issue to you. On termination, we will hand over the signed appointment and onboarding pack materials that have been paid for. Our templates and working papers remain ours.
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