How We Engage
Terms of Engagement with Applicants - The Engagement Letter
On receipt of an application and exposition, our auditors formally agree the scope, terms and conditions of the audit engagement.
This written communication is referred to as our Engagement Letter. A primary purpose of such a letter is to minimize any possible misunderstanding concerning the scope and terms of the audit engagement.
The Engagement Letter seeks to offer and gain clarity on the following areas:
The objective of the audit.
The extent to which reliance may be placed on the exposition and site visits.
Where the responsibility for the preparation of the exposition and approvals rest
The extent to which the auditor has a right to unhindered access to people, records, systems and processes necessary to form an opinion on the MAOS Approvals.
The extent to which the auditor is responsible for detecting non compliance and misstatements.
The extent to which the auditor is responsible for reporting weaknesses in internal control procedures.
The extent to which the auditor is responsible for reporting deficiencies in operating procedures.
The cost of the audit fee and when it is payable.