An engagement letter protects the firm by provide a record of the contract between your firm and the client, and minimises the risk of any future misunderstandings between the parties.
A listing of articles and resources concerning engagement letters.Engagement letters, often perceived as a mere regulatory formality, are vital in setting out the relationship between firms and their clients. Whilst many firms initiate these letters at the outset of a relationship, they tend to revisit them only during significant internal or external changes.
In this issue, access our updated engagement letter helpsheet, see what's changed in the Legal Services Regulations, respond to our consultation on proposed probate fees for 2024 and read our review of the Mercia training course.
Firms authorised or licensed to carry out probate services must make their clients aware of the compensation arrangements and complaints process. In the case of the ‘complaints’ procedure, this should be applied for both legal and non-legal services. The Technical Advisory Services (TAS) team has updated Part 2 Q of the engagement letters helpsheet to reflect changes to the Legal Ombudsman scheme rules, effective from 1 April 2023. Only sections 3, 3.1.3, 3.1.6 and 3.1.9 have been updated. Note that the helpsheet package as a whole has not had a full review on this occasion.
In this issue, we look at firm responsibilities for the revised CPD guidance; updates to the Engagement Letters helpsheet; Changes to ICAEW's disciplinary process; ISQM1; resources and guidance to make technology work for you; and much more.
ICAEW's technical advisory service backgrounds recent changes to its guidance resources relating to drafting engagement letters and disengagement statements between auditors and clients for whom they provide their services.
Topics covered include: helpsheet for writing engagement letters reviewed and updated; MTD for ITSA FAQs, tracker; Tax FAQs from Markel Tax; Opportunity to feedback on Core Accounting and Tax Service with Bloomsbury; All Too Familiar training film; identifying and managing conflicts of interest.
ICAEW’s Technical Advisory Services has updated its support for practitioners on client engagement letters relating to tax services. The Tax Faculty highlight the key changes.
A chapter on the ways in which accountants may manage the extent of any potential liability that they might incur to their clients or to third parties. It covers the use of disclaimers in reports, the production of ‘hold harmless’ letters, the incorporation of exclusion or limitation clauses in engagement letters, and more.
Solicitor Karen Eckstein analyses common issues with engagement letters and scope of retainer, using a detailed practical example to illustrate her points.
Assurance engagements can be typically broken up into nine stages. Not all stages will be clearly separated and identifiable in every engagement. Some stages, such as the engagement letter, may not be required during internal assurance, while others, such as problem-solving phase, may not be necessary in some external engagements.
Aimed at smaller and mid-sized firms, this book highlights areas of danger and advises how firms can develop processes to reduce the risks. Practical advice is given on such topics as engagement letters, liability caps, invoicing, office systems, and managing planned and unplanned staff absence.
Find out about the tools that can help you in your career as an independent adviser or consultant. You will find information on engagement letters, the ethical questions you may face as an independent consultant, what to do if there is a complaint, IR35, practice certficates, professional indemnity insurance, risk management and how to write a contract.
An engagement letter protects the firm by provide a record of the contract between your firm and the client, and minimises the risk of any future misunderstandings between the parties.
Information on the best ways to develop a long term business relationship with your clients. Includes sample engagement letters, methods of dealing with complaints, dispute resolution and the support ICAEW can offer you.
Guidance on how to agree terms of engagement when drawing up an assurance engagement letter. In particular, the differences in approach when the responsible party is the client and when the users are the client.
When an assurance engagement has been scoped out and both parties are ready to go ahead, an engagement letter is drawn up. This guidance sets out what should be expected from an engagement letter, which forms the contractual basis for an assurance engagement.
Accountants are increasingly acting as expert witnesses. This trend has resulted in the ICAEW Library & Information Service receiving an increase in requests for sample engagement letters and model reports, as well as more general materials on the subject.
Engagement letters are a key document in the relationship between you and your client, providing a written confirmation of the work that will be carried out. The Library can provide sample wording for a wide variety of engagement letters.
ICAEW has developed guidance for practice firms on what to include in engagement letters. This page provides a series of sample wordings to help you draft your own engagement letters.
A comprehensive guide to what forensic accountants actually do and how they do it. Appendix 3A contains a sample engagement letter.
Guidance on the issues to be considered before accepting an appointment and best practice in drawing up an engagement letter upon accepting an appointment.
Technical helpsheet providing guidance for members in practice who choose not to issue engagement letters for non-regulated work.