Need to retract an audit report? It happens. A “Sample Letter To Withdraw An Issued Audit Report” helps you do just that. Use it when errors are found after the report’s release.
Writing this letter can be tricky. Don’t worry, we’ve got you covered. This article provides sample letters.
Find templates and examples here. Make writing your withdrawal letter easier. Let’s get started.
Sample Letter To Withdraw An Issued Audit Report
[Your Company Letterhead]
[Date]
[Recipient Name]
[Recipient Title]
[Company Name]
[Company Address]
**Subject: Withdrawal of Audit Report – [Report Name] – [Report Date]**
Dear [Recipient Name],
This letter serves as formal notification that we are withdrawing the audit report titled “[Report Name]” issued on [Report Date].
This decision is based on [briefly state reason for withdrawal, e.g., discovery of significant errors, new information affecting findings, etc.].
We understand the inconvenience this may cause and are committed to resolving this matter promptly. We plan to [state next steps, e.g., conduct a re-audit, issue a revised report, etc.] by [Date].
We appreciate your understanding. Please do not hesitate to contact us if you have any questions.
Sincerely,
[Your Name]
[Your Title]
[Your Contact Information]
How to Write Letter To Withdraw An Issued Audit Report
1. Subject Line: Precision is Paramount
The subject line is your herald. It should be unambiguous and immediately signal the letter’s purpose. Clarity averts confusion.
- Use: “Withdrawal of Audit Report – [Company Name] – [Audit Period]”
- Be direct; eschew vagueness.
2. Salutation: Addressing Authority
Formality matters. Respect the recipient’s position. A proper salutation sets a courteous tone.
- If known: “Dear Mr./Ms./Dr. [Recipient’s Last Name],”
- If unknown: “To Whom It May Concern:” – though, diligent research to ascertain the recipient is preferable.
3. Opening Paragraph: Declarative Intent
State your intent without circumlocution. The opening paragraph must explicitly declare the withdrawal of the audit report. Ambiguity begets issues.
- Clearly state the audit report you are withdrawing, referencing the company name and audit period. For example: “This letter serves to formally withdraw the audit report issued on [Date] for [Company Name] covering the period [Start Date] to [End Date].”
- Acknowledge the initial issuance date.
4. Body Paragraphs: Substantiating the Rationale
The core of your letter resides here. Articulate the grounds for withdrawal with meticulous detail. Transparency fosters understanding.
- Explain the reasons necessitating the withdrawal. This might include:
- Discovery of material errors or omissions post-issuance.
- Changes in accounting standards or regulations.
- New information impacting the audit’s conclusions.
- Provide a concise, factual explanation. Avoid conjecture or hyperbole.
- If a revised audit report will be issued, indicate the anticipated timeline.
5. Impact Mitigation: Reassuring Stakeholders
Address the ramifications of the withdrawal. Reassurance is vital. Mitigate concerns by outlining steps taken to rectify the situation.
- Acknowledge the potential impact on stakeholders.
- Describe any corrective actions being implemented.
- Offer to provide further clarification, if required.
6. Apology and Professionalism: Maintaining Amity
Express contrition for any inconvenience caused. Uphold a professional demeanor throughout. Diplomacy is advantageous.
- Offer a sincere apology for the withdrawal and any resulting disruption.
- Reiterate your commitment to accuracy and integrity in future audits.
7. Closing: Cordial Conclusion
End with a courteous closing. Reinforce your willingness to assist. A gracious exit leaves a positive impression.
- Use a formal closing: “Sincerely,” or “Respectfully,”
- Include your typed name, title, and contact information.
- Offer availability for further discussion.
Frequently Asked Questions: Withdrawing an Audit Report
This section addresses common inquiries regarding the process of withdrawing an audit report. It provides guidance on the key considerations and steps involved in formally retracting a previously issued audit opinion.
1. What are the primary reasons for withdrawing an audit report?
An audit report may be withdrawn due to the discovery of new information that contradicts the original findings, significant errors in the audit process, or a lack of sufficient appropriate audit evidence supporting management’s assertions.
2. Who is responsible for initiating the withdrawal of an audit report?
The auditor who issued the original audit report is primarily responsible for initiating the withdrawal process. This responsibility usually falls on the engagement partner, after consultation with the audit firm’s quality control department.
3. What information should be included in a sample withdrawal letter?
The withdrawal letter should clearly state the original date of the audit report, the entity audited, the reason for the withdrawal, and a statement that the original audit report should no longer be relied upon.
4. To whom should the withdrawal letter be addressed?
The withdrawal letter should be addressed to the entity’s management and board of directors, as well as any regulatory bodies or individuals who received the original audit report.
5. What are the potential consequences of withdrawing an audit report?
Withdrawing an audit report can have significant consequences, including damage to the auditor’s reputation, legal liabilities, and increased scrutiny from regulatory agencies. It may also negatively impact the audited entity’s credibility and financial standing.