The use of engagement letters, Auditing

The Use of Engagement Letters

There is a contractual relationship among an accountant and his client. The accountant must therefore make sure that at the time he decided to execute certain work for the client, the scope of his responsibilities is made apparent preferably in writing, in that the terms of his agreement with his client are appropriately defined. Where probable a letter of engagement must be prepared setting out in detail the real services to be performed, and the terms of engagement must be accepted by the client and hence to reduce the risk of disputes concerning the duties supposed.

Posted Date: 12/3/2012 5:03:03 AM | Location : United States







Related Discussions:- The use of engagement letters, Assignment Help, Ask Question on The use of engagement letters, Get Answer, Expert's Help, The use of engagement letters Discussions

Write discussion on The use of engagement letters
Your posts are moderated
Related Questions
As a senior in a professional services firm, you have been assigned to plan the financial statement audit of a private company named Toy Local Corporation (TLC). In addition, the p

Liability to third parties For long time liability to third parties existed only in respect to physical damage. Liability for financial loss is a current development.  Illustra

Financial Statements Rely All Financial providers people must be sure that the financial statements can be relied upon. It should be noted that: 1. The auditor himself must be


concept,need,advantage

Describe the factors which decide the broad area of Scientific activity?

Audit Procedures - Intangible Assets The auditor's process as far as goodwill is relating would involve as: a) Vouching for details as per the buy agreement of the values

Audit Work on the Holding Company We will focus on the verification of investments in subsidiary companies. 1. Get a schedule that should contain the following information. A

As per the standard audit engagement letter signed between external financial statement auditor and client/ auditee, auditor's primary role is to detect fraud. Ans: No, the prim

A municipal village or a nonprofit organization solicits bids for the annual audit from local audit firms, and the firm with the lowest bid is selected. Answer the following que