NEW YORK (Nov. 19, 2012) – One of the keys to a successful CPA practice is defining the scope of client engagements as clearly and precisely as possible, right from the start. With that in mind, the American Institute of CPAs has developed a new online practice aid that offers customizable sample letters and expert commentary to guide accounting professionals as they lay out terms and objectives for clients.
Building on the AICPA’s reputation for providing trusted advice in this area, The Engagement Letter: Best Practices and Examples, offers an all-in-one, easy-to-use toolkit to help firms establish terms for auditing, compilation, review and certain attestation engagements. This resource will save practitioners hours of planning time and minimize the risk of overreliance on the prior year’s engagement letter.
“This new tool offers the latest guidance on engagement letters that conform to AICPA professional standards,” said Linda Cohen, vice president of publications for the AICPA. “And with additional requirements for engagement letters coming into play under the new clarified auditing standards, this is a perfect resource to help manage the transition.”
Among the practice aid’s features:
· Simple online format and customizable content.
· Clear distinctions are made between required language and optional text.
· Crafted by subject matter experts, each chapter is filled with best-practice recommendations.
· Future updates will be available to reflect changing standards.
For pricing and other details, visit the practice aid’s product page. Subscription discounts are available for members of the AICPA Private Companies Practice Section through the end of the year.