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Review Engagement Letter Template for New Zealand

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Key Requirements PROMPT example:

Review Engagement Letter

"I need a Review Engagement Letter for a medium-sized manufacturing company in Auckland, New Zealand, to be effective from March 2025, including standard review procedures and quarterly progress reporting requirements."

Document background
The Review Engagement Letter is a crucial document used when a company requires limited assurance on their financial statements, rather than the higher level of assurance provided by an audit. This document, governed by New Zealand professional standards and regulations, establishes the professional relationship between the accounting firm and the client. The letter outlines key aspects including the scope of review procedures, limitations of the engagement, responsibilities of both parties, fee arrangements, and timeline for deliverables. It serves as the primary agreement document for review engagements and must comply with Professional and Ethical Standard 1 and New Zealand Standard on Review Engagements 2400 (Revised). The letter is particularly relevant for companies that require a level of external assurance but may not need or be required to have a full audit.
Suggested Sections

1. Addressee Details: Client name, position, company name, and address

2. Purpose of Engagement: Clear statement that this is a review engagement and its objectives

3. Scope of Review: Description of the nature and limitations of a review engagement, including the periods covered

4. Responsibilities of Management: Outline of client's responsibilities regarding financial statements, internal controls, and providing information

5. Responsibilities of Reviewer: Description of the accounting firm's responsibilities and the nature of procedures to be performed

6. Form of Report: Description of the expected form and content of the review report

7. Timing: Expected timeframes for the review and report delivery

8. Fees and Billing: Fee structure, billing arrangements, and payment terms

9. Professional Standards and Independence: Statement about compliance with relevant professional standards and independence requirements

10. Confirmation and Acceptance: Request for client acknowledgment and acceptance of terms

Optional Sections

1. Use of External Experts: Include when the engagement requires the use of external specialists or experts

2. Group Entity Considerations: Include when the client is part of a group structure requiring additional considerations

3. Specific Regulatory Requirements: Include when the client is subject to specific regulatory reporting requirements

4. Electronic Data Management: Include when specific arrangements for electronic data handling need to be addressed

5. Overseas Reporting Requirements: Include when the client has international reporting obligations

6. Conflict Resolution Process: Include when specific dispute resolution procedures are required

7. Client-Specific Terms: Include when there are unique circumstances or requirements specific to the client

Suggested Schedules

1. Schedule 1: Detailed Scope of Services: Detailed description of all services included in the review engagement

2. Schedule 2: Fee Schedule: Detailed breakdown of fees, hourly rates, and estimated hours

3. Schedule 3: Timing and Deliverables: Detailed timeline of the engagement, including key milestones and deadlines

4. Appendix A: Required Information List: Detailed list of documents and information required from the client

5. Appendix B: Review Procedures Overview: Summary of key review procedures to be performed

6. Appendix C: Team Structure: Details of key team members and their roles in the engagement

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈ˰æ | 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

Professional Services

Financial Services

Manufacturing

Retail

Technology

Healthcare

Construction

Real Estate

Non-Profit Organizations

Education

Hospitality

Agriculture

Mining

Energy

Transportation and Logistics

Relevant Teams

Finance

Accounting

Corporate Governance

Risk Management

Compliance

Treasury

Internal Audit

Legal

Executive Management

Board of Directors

Relevant Roles

Chief Financial Officer

Financial Controller

Finance Director

Accounting Manager

Company Secretary

Chief Executive Officer

Managing Director

Board Director

Audit Committee Chair

Treasury Manager

Financial Reporting Manager

Partner (Accounting Firm)

Director (Accounting Firm)

Senior Manager (Accounting Firm)

Risk Management Officer

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

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