CAMICO updates guide to engagement letters

Eldercare accounting services, theft of confidential electronic data, and tax return extension calculations are among the new topics covered in the seventh edition of the CPA's Guide to Effective Engagement Letters, written by senior staff members of CAMICO, the nation's largest CPA-owned provider of professional liability and risk management services for accountants.

The seventh edition provides new engagement letter language and commentary in those areas as well as in:

  • Partnership income tax preparation for an LLC;

  • S-corporation income tax preparation; and

  • Non-profit (Form 990) tax return.

    Authors Ron Klein, JD, CFE, vice president, claims counsel; Ric Rosario, CPA, CFE, executive vice president, risk management; and Suzanne Holl, CPA, vice president, loss prevention, have built on CAMICO's successful work in the effective use of engagement letters for accountants.

    The book includes a companion CD-ROM with sample letters that are easily customized and printed, along with a new collection of case studies on liability issues that illustrate what to do - and what not to do - in an engagement. The new case studies cover:

  • Uncooperative general partners;

  • Buy-sell agreements; and

  • Unqualified and unresponsive co-trustees.

    The new material is in addition to many other features from earlier editions of the book, such as wording and letters for:

  • Internal controls;

  • Section 404 consulting;

  • e-Filing of tax returns;

  • Outsourcing to third-party service providers;

  • AICPA Interpretation 101-3;

  • 1031 tax engagements; and

  • a sample Record Retention and Destruction Policy.

    The 836-page book contains a comprehensive collection of letters for all attest, accounting, tax, and consulting engagements. It is available to the general public for $137.00, but a 10-percent discount is available via the CAMICO Web site. 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 order via the Members-only web site under "CAMICO Partnerships" and "CPAs' Guide to Effective Engagement Letters."

    About CAMICO
    CAMICO is the nation's largest CPA-owned mutual insurance company and second largest provider for accountants' professional liability insurance and risk management services. The company serves more than 60,000 staff members of accounting firms in 44 states and the District of Columbia. CAMICO is sponsored by state CPA societies and associations in Arizona, California, Colorado, Indiana, Kentucky, Mississippi, Missouri, Nevada, New Jersey, New York, South Carolina, Tennessee, Utah, Virginia and Washington.

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