Audit Engagement Letter Template - Examples Page 12
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14to correct Inland Revenue errors. A copy of these guidelines is available for your inspection in
our offices.
5 Commissions or Other Benefits
The attention of practitioners is drawn to the Rules of Professional Conduct and the disclosure
requirements of the relevant investment business regulations, if applicable.
5.1 In some circumstances, commissions or other benefits may become payable to us [or to one
of our associates] in respect of transactions which we [or such associates] arrange for you, in
which case you will be notified in writing of the amount and terms of payment. The fees that
would otherwise be payable by you as described will [not] take into account the benefit to us of
such amounts. You consent to such commission or other benefits being retained by us [or, as
the case may be, by our associates,] without our [or their] being liable to account to you for any
such amounts.
6 CLIENT MONIES
6.1 We may, from time to time, hold money on your behalf. Such money will be held in trust in
a client bank account, which is segregated from the firm’s funds.
7 RETENTION OF RECORDS
7.1 During the course of our work we will collect information from you and others acting on
your behalf and will return any original documents to you at the conclusion of the
engagement/enquiry]. You should retain them for [...] years from [31 January following the end
of the tax year] [for [...] years from the end of the relevant accounting period][at least until the
Inland Revenue issue a closure notice]. [This period may be extended if the Inland Revenue
enquire into your tax return.] [Practitioners who retain records on behalf of clients will need to
amend this paragraph.]
7.2 Though certain documents may legally belong to you, we intend to destroy correspondence
and other papers that we store which are more than seven years old, other than documents
which we consider to be of continuing significance. You must tell us if you require retention of
a particular document.
8 REGULATORY REQUIREMENTS
8.1 We reserve the right to disclose our files to regulatory bodies in the exercise of their
powers. [Adapt as necessary and for firms who voluntarily undergo external peer review.]
9 QUALITY OF SERVICE
9.1 We aim to provide a high quality of service at all times. If you would like to discuss with us
how our service could be improved or if you are dissatisfied with the service you are receiving
please let us know by contacting [insert name].
9.2 We undertake to look into any complaint carefully and promptly and to do all we can to
explain the position to you. If we do not answer your complaint to your satisfaction you may
take up the matter with the PAB/ICAJ.
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