CAMICO Updates Guide to Engagement Letters
by Terri Eyden on
CPAs can write stronger engagement letters with the help of the recently released tenth edition of the CPA's Guide to Effective Engagement Letters, which was written by senior staff members of CAMICO, the nation's largest CPA-focused program of insurance and risk management services for the accounting profession.
The tenth edition provides new letters, new wording, and commentary for:
- Auditing engagements, to reflect the new Clarity Project standards
- Revenue Procedure 2013-14 modifications in relevant tax letters
- Independent technical review of tax returns
- Tax representation
- Expanded individual, partnership, and corporate income tax preparation for more complex returns
- Electronic communications
- Fee reimbursement for client litigation
- Staffing agreement
Authors Ric Rosario, CPA; Suzanne M. Holl, CPA; and Ron Klein, JD, CFE, have advised CPA firms on professional liability matters for more than sixty years combined at CAMICO, where they serve respectively as CEO/president, VP/loss prevention services, and VP/risk management counsel.
The book includes a companion CD-ROM with sample letters that are easily customized and printed, along with a collection of new and updated case studies covering topics such as:
- Nonpayment of fees
- Admitting liability and assuming damages without prior consent
- Non-filing of report of Foreign Bank and Financial Accounts (FBAR) forms
- Interpretation of shareholder agreement
- Late reporting of a claim
- Buy-sell transaction
The book, published by CCH, is available to the general public for $175.00, but a 10 percent discount is available via the CAMICO website at www.camico.com. Click on "Risk Management Services" and then on "Practice Management Tools" for the order form.
A 20 percent discount is available to CAMICO policyholders who use the order form on the members-only website in the Engagement Letter Resource Center.