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Third Party Confirmation Audit

Third Party Confirmation Audit Template for United Arab Emirates

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Key Requirements PROMPT example:

Third Party Confirmation Audit

"I need a Third Party Confirmation Audit agreement for a UAE-based financial services company, focusing on confirming investment holdings with international custodian banks, with the audit to commence in March 2025 and including specific provisions for electronic confirmations."

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Document background
The Third Party Confirmation Audit agreement is essential for businesses operating in the UAE that require independent verification of specific information from external parties. This document type is commonly used when conducting statutory audits, special purpose audits, or regulatory compliance reviews under UAE jurisdiction. It's particularly relevant given the UAE's position as a global business hub and the need for transparent, verified financial and operational information. The agreement details the scope of confirmation procedures, methodology, and responsibilities of all parties involved, while ensuring compliance with UAE Federal Law No. 12 of 2014 and other relevant regulations. It's designed to facilitate the confirmation process while maintaining professional standards, confidentiality, and data protection requirements specific to the UAE market.
Suggested Sections

1. Parties: Identification of the audit firm, the client organization, and the third party from whom confirmations are being sought

2. Background: Context of the audit engagement and purpose of the third-party confirmation process

3. Definitions: Key terms used throughout the document including technical audit terminology and UAE-specific regulatory terms

4. Scope of Services: Detailed description of the audit confirmation services to be performed, including specific areas of focus

5. Audit Methodology: Description of the approach, standards, and procedures to be followed in conducting the confirmation audit

6. Responsibilities and Obligations: Specific duties and obligations of each party (auditor, client, and third party) in the confirmation process

7. Timeline and Deliverables: Specific timeframes for the audit process and format/content of deliverables

8. Confidentiality and Data Protection: Provisions for handling sensitive information in compliance with UAE data protection laws

9. Professional Standards: Reference to applicable UAE audit standards and international standards being followed

10. Fees and Payment Terms: Detailed breakdown of audit fees, payment schedule, and related terms

11. Limitation of Liability: Boundaries of the auditor's liability in line with UAE law and professional standards

12. Governing Law and Jurisdiction: Specification of UAE law as governing law and jurisdiction for dispute resolution

Optional Sections

1. Specific Industry Requirements: Additional requirements for regulated industries (e.g., financial services, insurance) - include when client operates in regulated sector

2. International Considerations: Special provisions for cross-border confirmations - include when third party is located outside UAE

3. Electronic Confirmation Procedures: Specific procedures for electronic confirmation systems - include when using digital confirmation platforms

4. Subcontractor Provisions: Terms governing use of subcontractors or specialists - include when external expertise is required

5. Force Majeure: Provisions for unforeseen circumstances - include based on risk assessment and client preference

6. Language Requirements: Provisions for multiple language versions - include when parties operate in different languages

Suggested Schedules

1. Schedule A - Scope Details: Detailed breakdown of confirmation procedures, sampling methodology, and specific areas of focus

2. Schedule B - Fee Structure: Detailed breakdown of fees, including hourly rates, expenses, and payment milestones

3. Schedule C - Timeline: Detailed project timeline including key milestones and deliverable dates

4. Schedule D - Required Documentation: List of documents and information required from all parties

5. Appendix 1 - Confirmation Templates: Standard templates for confirmation requests and responses

6. Appendix 2 - Compliance Checklist: Checklist of UAE regulatory requirements and applicable standards

7. Appendix 3 - Communication Protocols: Procedures for communication between parties during the audit process

8. Appendix 4 - Quality Control Procedures: Detailed quality control measures and review processes

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant legal definitions
Audit Confirmation
Audit Evidence
Audit Firm
Audit Partner
Audit Procedures
Audit Standards
Client
Confidential Information
Confirmation Date
Confirmation Request
Deliverables
Effective Date
Electronic Confirmation
Engagement Letter
External Confirmation
Force Majeure
Governing Law
Independent Auditor
Material Information
Negative Confirmation
Positive Confirmation
Professional Standards
Quality Control
Regulatory Authority
Reporting Currency
Services
Signatory
Third Party
UAE GAAP
Working Papers
Clauses
Scope of Services
Professional Standards
Independence
Confidentiality
Data Protection
Audit Methodology
Documentation Requirements
Quality Control
Reporting Obligations
Communication Protocol
Access Rights
Information Delivery
Timeline
Fees and Expenses
Payment Terms
Intellectual Property
Liability Limitation
Insurance
Force Majeure
Term and Termination
Dispute Resolution
Governing Law
Assignment
Notices
Entire Agreement
Amendments
Severability
Third Party Rights
Anti-Bribery and Corruption
Regulatory Compliance
Relevant Industries

Financial Services

Banking

Insurance

Real Estate

Manufacturing

Trading

Healthcare

Energy

Telecommunications

Retail

Hospitality

Construction

Professional Services

Technology

Relevant Teams

Finance

Audit

Legal

Compliance

Risk Management

Treasury

Corporate Governance

Regulatory Affairs

Financial Reporting

Internal Control

Relevant Roles

Chief Financial Officer

Financial Controller

Audit Partner

Senior Auditor

Compliance Officer

Legal Counsel

Risk Manager

Finance Director

Accounts Manager

Internal Audit Manager

External Auditor

Regulatory Compliance Manager

Treasury Manager

Financial Reporting Manager

Company Secretary

Industries
UAE Federal Law No. 2 of 2015: Commercial Companies Law - Sets out the fundamental framework for companies operating in the UAE and requirements for financial reporting and auditing
UAE Federal Law No. 12 of 2014: Law regulating the auditing profession in the UAE, including requirements for auditor independence and professional standards
UAE Federal Decree-Law No. 45 of 2021: Personal Data Protection Law - Governs the collection, processing, and transfer of personal data, relevant for handling client information during audits
ISAE 3402: International Standard on Assurance Engagements - Specifically deals with assurance reports on controls at a service organization, which is crucial for third-party confirmation audits
ISA 505: International Standard on Auditing for External Confirmations - Provides guidance on obtaining external confirmations as audit evidence
UAE Corporate Governance Rules: Regulations issued by SCA (Securities and Commodities Authority) governing corporate governance practices including external auditor requirements
ADAA Resolution No. 1 of 2017: Abu Dhabi Accountability Authority resolution setting standards for statutory auditors and their appointments
Federal Law No. 4 of 2000: UAE Securities and Commodities Authority Law - Relevant for audits involving listed companies and market regulations
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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