Document background
The Audit Acceptance Letter is a mandatory document required under Irish law and professional standards before commencing any statutory audit engagement. It serves as the foundational document that defines the professional relationship between the audit firm and the client company. This document is required whenever a new audit engagement begins or when there are significant changes to the terms of an existing audit engagement. The letter must comply with International Standard on Auditing (ISA) 210, Irish Companies Act 2014, and EU Statutory Audit Regulations. It includes crucial elements such as the scope of services, responsibilities of both parties, fee arrangements, and relevant regulatory compliance requirements. The Audit Acceptance Letter is particularly important in the Irish context due to the country's significant role in international business and the presence of many multinational corporations requiring statutory audits.
