Accounting Internal Audit Agreement
Accounting Internal Audit Agreement
This Accounting Internal Audit Services Agreement (hereinafter referred to as the "Agreement") is made and entered into this [Day] day of [Month], by and between [Your Company Name] (hereinafter referred to as the "Auditing Party"), with its principal place of business at [Your Company Address], and [Client's Name] (hereinafter referred to as the "Client"), located at [Client Address].
WHEREAS, the Auditing Party specializes in providing comprehensive internal audit services aimed at enhancing financial accuracy, compliance, and efficiency within organizations;
AND WHEREAS, the Client seeks to engage the expertise of the Auditing Party to assess and improve its internal financial controls, processes, and systems;
NOW, THEREFORE, in consideration of the mutual promises, covenants, and agreements set forth herein, the parties agree as follows:
1. Scope of Services
1.1 The Auditing Party agrees to perform internal audit services for the Client, which shall include, but not be limited to, examining and evaluating the adequacy, effectiveness, and efficiency of the Client's internal controls, financial reporting mechanisms, and compliance with applicable laws and regulations.
1.2 Specific services to be provided shall include a thorough review of the Client's accounting records, financial transactions, and adherence to financial policies and procedures. The Auditing Party shall also provide recommendations for improvements where necessary.
2. Compensation
2.1 As full compensation for the services rendered by the Auditing Party under this Agreement, the Client shall pay the Auditing Party a fee based on a percentage of the Client's annual revenue, as detailed in Exhibit A attached hereto. Payment terms, including invoicing schedule and due dates, are also specified in Exhibit A.
3. Confidentiality
3.1 The Auditing Party acknowledges that it will have access to sensitive, confidential information pertaining to the Client's operations, financials, and strategic plans. The Auditing Party agrees to maintain the confidentiality of all such information and to use it only for the purpose of performing the audit services.
3.2 Any unauthorized disclosure of confidential information may result in legal action against the Auditing Party, including but not limited to injunctive relief and damages.
4. Term and Termination
4.1 This Agreement shall be effective as of the date first above written and shall continue until the completion of the audit services, unless terminated earlier by either party with thirty (30) days written notice.
4.2 Either party may terminate this Agreement immediately for cause if the other party materially breaches any of its terms and fails to cure such breach within a reasonable period after receiving written notice of the breach.
5. Indemnification
5.1 The Auditing Party shall indemnify and hold the Client harmless from any and all claims, damages, losses, liabilities, and expenses, including reasonable attorneys' fees, arising from the Auditing Party's negligence, willful misconduct, or breach of this Agreement.
6. Governing Law
6.1 This Agreement shall be governed by and construed in accordance with the laws of the State of [Specify State], without giving effect to any choice of law or conflict of law provisions.
7. Entire Agreement
7.1 This Agreement, including any exhibits and attachments hereto, constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior agreements, whether written or oral.
8. Amendment
8.1 No amendment, modification, or supplement of any provisions of this Agreement shall be valid unless in writing and signed by both parties.
9. Severability
9.1 If any provision of this Agreement is held to be invalid or unenforceable, such provision shall be struck and the remaining provisions shall be enforced.
IN WITNESS WHEREOF, the parties hereto have executed this Accounting Internal Audit Services Agreement as of the date first above written.
[AUDITING PARTY NAME]
By: [Authorized Signature]
Name: [Authorized Person's Name]
Title: [Authorized Person's Position]
[CLIENT'S NAME]
By: [Authorized Signature]
Name: [Authorized Person's Name]
Title: [Authorized Person's Name]
