Document background
An Audit Proposal is a comprehensive document used when an audit firm presents its services, methodology, and terms for conducting statutory audits under Irish law. It is typically prepared when responding to a tender for audit services, when approaching potential new clients, or when proposing a renewal of audit services to existing clients. The document must align with the Companies Act 2014, European Union (Statutory Audits) Regulations 2016, and IAASA requirements. The proposal includes detailed information about the audit firm's capabilities, team structure, methodology, timelines, and fee arrangements, serving as a precursor to the formal audit engagement letter. This document is particularly important in Ireland's regulatory environment, where statutory audits must meet strict regulatory and professional standards.
