CPA's Guide to Effective Engagement Letters (13th Edition) (U.S.)

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A well constructed engagement letter provides an opportunity to explore other potential business with your client.

Authors: Ric Rosario, Ron Klein, Suzanne M.Holl

The integrity of your practice depends on thecontents of your engagement letters. Whether it's a new engagement, repeatengagement, or, especially, a changed engagement, you need to know what to sayand how to say it correctly. Using the sample letters and advice in thisuser-friendly guide, you'll improve client/CPA communication, document yourengagements more effectively, and protect yourself from litigation. Awell-constructed engagement letter also provides an opportunity to exploreother potential business with your client. A wide variety of engagement typesare covered, and every letter can be easily customized and printed.

CPA's Guide to Effective Engagement Letters (13th Edition) has been updated throughout, including new wording and new letters for:

  • Updated review, compilation and preparation letters that comply with SSARS No. 23, Omnibus Statement on Standards for Accounting and Review Services2016.
  • New compilation letter template to be used if the accountant decides to accept responsibility for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of the financial statements as allowed under SSARS No. 23.
  • Updated letters for prospective financial statements (forecasts and projections) that comply with SSARS No. 23.
  • Updated language for the attestation engagement letters that complies with SSAE 18.
  • Other New letters, including one designed for CPAs providing preparation and tax services under a special purpose framework.
  • Updated tax engagement letters that include revised language for foreign reporting requirements and return due date changes.

Also included in the Thirteenth Edition are new and updated case studies. Several of them are offered in a multiple-choice format, with answers and feedback for incorrect responses. Topics include the following:

  • Test your cyber IQ
  • FBAR reporting
  • Potential data breach of tax files
  • Employee fraud
  • A set of three ethical dilemmas
  • Voicemail/email fraud and investment advisory services
  • Embezzlement involving a firm merger and audit services

The book comprises eight sections:

1. Financial Statements

2. Tax Preparation and Planning

3. General Accounting

4. Other Engagements

5. Other Letters

6. Internal Controls

7. Record Retention and Destruction Policy

8. Disengaging

The book is formatted so that the left-hand column contains suggested engagement letter wording pertaining to a specific subject and the righthand column offers commentary and important advice. The suggested wording the book has been compiled and edited with resources from CAMICO Services, Inc., a subsidiary of CAMICO Mutual Insurance Company, and the commentary, including pitfalls to avoid, is based on the experience of actual CPAs.

  • Audit Engagement Letters
  • Review Engagement Letters
  • Compilation Engagement Letters
  • Preparation Engagement Letters
  • Individual Tax Engagement Letters
  • Partnership Tax Preparation Engagement Letters
  • Corporate Tax Preparation Engagement Letters
  • Estate/Trust Tax Preparation Engagement Letters
  • IRS/State Tax Representation Engagement Letters
  • Other Tax Engagement Letters
  • Bookkeeping and WriteUp Engagement Letters
  • Personal/Business Management Engagement Letters
  • Prospective Financial Statements Engagement Letters
  • Business Valuation Engagement Letters
  • Management Consulting Services Engagement Letters
  • Computer Consulting Services Engagement Letters
  • Litigation Support Engagement Letters
  • Assurance Services Engagement Letters
  • Other Engagement Letters
  • Other Letters
  • Internal Controls
  • Record Retention
  • Disengaging

Oct 12, 2018

Pages 912

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