CPA's Guide to Effective Engagement Letters (12th Edition)

The integrity of your practice depends on the contents of your engagement letters. Whether it's a new engagement, repeat engagement, or, especially, a changed engagement, you need to know what to say and how to say it correctly. Using the sample letters and advice in this user-friendly guide, you'll improve client/CPA communication, document your engagements more effectively, and protect yourself from litigation. A well-constructed engagement letter also provides an opportunity to explore other potential business with your client. A wide variety of engagement types are covered, and every letter can be easily customized and printed. The Twelth Edition of CPA's Guide to Effective Engagement Letters has been updated throughout, including: · A new chapter on Preparation of Financial Statements in accordance with SSARS No. 21 · Updated Review and Compilation letters that comply with SSARS No. 21 · Revised peer review letters for System Reviews and Engagement Reviews · Updated mediation and arbitration language · Revised expanded tax engagement letters that include language addressing final tangible property regulations as well as the Affordable Care Act · Updated letters for Personal Financial Planning that comply with SSPFPS No. 1 · Other new letters including one for an Income Tax Preparation for Single-Member LLC engagement 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 right-hand 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. 1 Audit Engagement Letters 2 Review Engagement Letters 3 Compilation Engagement Letters 4 Preparation Engagement Letters 5 Individual Tax Engagement Letters 6 Partnership Tax Preparation Engagement Letters 7 Corporate Tax Preparation Engagement Letters 8 Estate/Trust Tax Preparation Engagement Letters 9 IRS/State Tax Representation Engagement Letters 10 Other Tax Engagement Letters 11 Bookkeeping and Write-Up Engagement Letters 12 Personal/Business Management Engagement Letters 13 Prospective Financial Statements Engagement Letters 14 Business Valuation Engagement Letters 15 Management Consulting Services Engagement Letters 16 Computer Consulting Services Engagement Letters 17 Litigation Support Engagement Letters 18 Assurance Services Engagement Letters 19 Other Engagement Letters 20 Other Letters 21 Internal Controls 22 Record Retention 23 Disengaging