Terms of Audit

Terms of Audit

These Terms of Audit ("Terms") govern all corporate audit engagements, CX governance assessments, and solvency accountability reviews conducted by or under the authority of The Institute of Applied CX Science (IACS). By submitting an audit request or entering into an audit engagement with IACS, the requesting organisation ("Client") agrees to be bound by these Terms.

1. Scope of Audit Services

IACS provides the following categories of corporate audit services:

• CX Accountability Audits: Assessment of an organisation's customer experience governance frameworks, accountability structures, and escalation protocols.
• Customer Solvency Reviews: Evaluation of policies, procedures, and executive accountability related to customer financial vulnerability, complaint management, and fair outcome obligations.
• Institutional Governance Audits: Review of internal governance frameworks, reporting structures, and compliance posture against IACS institutional standards.
• Research and Certification Integrity Reviews: Independent verification of research methodologies and certification programme integrity for academic or institutional purposes.

The specific scope, deliverables, and timeline for each engagement are confirmed in a written Audit Engagement Letter prior to commencement.

2. Engagement Process

All IACS audit engagements follow a structured process:

• Request Submission: The Client submits an initial audit request via the IACS platform, providing organisation details, audit scope, and any relevant background documentation.
• Scoping Review: IACS reviews the request and confirms eligibility, feasibility, and resource availability within 10 business days.
• Engagement Letter: A formal Audit Engagement Letter is issued defining scope, timelines, deliverables, fees, and governance arrangements.
• Fieldwork: IACS-authorised auditors conduct structured assessments, including documentation reviews, stakeholder interviews, and process evaluations.
• Reporting: A formal Audit Report is issued to the Client in draft for factual accuracy review, followed by a final signed report.

3. Client Obligations

To enable effective audit conduct, the Client agrees to:

• Provide timely access to all relevant documentation, systems, and personnel as reasonably required by IACS auditors.
• Designate a named engagement contact with appropriate authority to facilitate the audit process.
• Ensure that all information provided to IACS is accurate, complete, and not misleading.
• Maintain the confidentiality of all draft audit outputs until the final report has been issued.
• Notify IACS promptly of any material developments that may affect the scope or findings of the audit.

4. Independence and Professional Standards

IACS auditors operate under a strict code of professional independence. No IACS auditor may conduct an audit engagement where a conflict of interest exists, including prior employment, financial relationship, or personal association with the Client organisation. All IACS audit work is conducted in accordance with internationally recognised audit standards and the IACS Professional Code of Conduct.

5. Confidentiality

IACS treats all information obtained during an audit engagement as strictly confidential. Audit findings, working papers, and client documentation will not be disclosed to any third party without the Client's prior written consent, except where:

• Disclosure is required by law, regulation, or court order.
• Disclosure is necessary to report suspected fraud or criminal conduct to the relevant authorities.
• The Client has provided express written consent to a specific disclosure.

The confidentiality obligation applies to IACS, its appointed auditors, and all subcontractors engaged under the audit engagement.

6. Audit Reports and Intellectual Property

All Audit Reports produced by IACS are the intellectual property of the Institute and are licensed to the Client for internal use only. Reports may not be published, redistributed, or used in marketing materials without the prior written consent of IACS. Any publication of audit findings, including summary statements or scores, must be accompanied by the full IACS attribution and may not be selectively quoted in a way that misrepresents the audit conclusions.

7. Fees and Payment

Audit fees are agreed in the Engagement Letter prior to commencement. Invoices are payable within 30 days of issue unless otherwise agreed in writing. IACS reserves the right to suspend audit work in the event of non-payment and to charge interest on overdue amounts at a rate of 4% above the Bank of England base rate per annum.

8. Limitation of Liability

IACS audit services are provided for the benefit of the Client organisation and are not intended to constitute legal, regulatory compliance, or investment advice. IACS shall not be liable for any decisions taken by the Client in reliance on audit findings. IACS's total liability to a Client for any audit engagement shall not exceed the total fees paid for that specific engagement.

9. Termination of Engagement

Either party may terminate an audit engagement by written notice. In the event of termination, the Client shall pay IACS for all work completed to the date of termination on a pro-rata basis. IACS may terminate an engagement immediately if it discovers that the Client has provided materially false information or is obstructing the audit process.

10. Governing Law

These Terms are governed by the laws of England and Wales. Any disputes arising from audit engagements shall be resolved by negotiation in the first instance, and if unresolved, by binding arbitration under the rules of the Chartered Institute of Arbitrators.

11. Contact

For all audit-related enquiries, please contact IACS at chairman@appliedcxscience.com or write to The Institute of Applied CX Science, 34–35 Hatton Garden, London, United Kingdom.