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The Financial Review Engagement Agreement is a crucial document used when a company requires a professional review of its financial statements by a qualified accounting firm in India. This agreement is particularly relevant when a full audit is not required or mandated by law, but stakeholders need a professional accountant's assurance on financial statements. The document establishes the framework for the review engagement, outlining the responsibilities of both the practitioner and the client while ensuring compliance with Indian regulatory requirements, including the Companies Act, 2013, and ICAI professional standards. It's commonly used by private companies, smaller listed entities, and organizations seeking an intermediate level of assurance on their financial statements.

1. Parties: Identification of the engaging party (client) and the practitioner (accounting firm)

2. Background: Context of the engagement and brief description of the client's business

3. Definitions: Key terms used throughout the agreement including 'Review Engagement', 'Financial Statements', 'Material Misstatement', etc.

4. Scope of Services: Detailed description of the review engagement scope, including the period of financial statements to be reviewed

5. Professional Standards: Reference to applicable professional standards (SRE 2400) and compliance requirements

6. Responsibilities of the Practitioner: Detailed obligations of the accounting firm in conducting the review

7. Client Responsibilities: Client's obligations including providing information, representations, and access to records

8. Timeline and Deliverables: Schedule of the review process and expected deliverables

9. Fees and Payment Terms: Professional fees, payment schedule, and related terms

10. Confidentiality: Obligations regarding confidential information and data protection

11. Limitation of Liability: Scope of the practitioner's liability and any limitations thereof

12. Term and Termination: Duration of the agreement and conditions for termination

13. General Provisions: Standard clauses including governing law, jurisdiction, and dispute resolution