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
The Department of Higher Education (DoHE) in the Ministry of Education awarded a contract for support of 60 computers to My IT Co. Ltd. and the contract conditions required the del

Counter - Indications That the auditor has found indications of going related to non-applicability does not of itself justify instantly conclusion that the entity is not a goi

Going Concern Considerations - Audit Process IAS 1 Presentation of Financial Statements knows the going related assumption as one of the fundamental assumptions that underlie

Judgmental Sampling The Judgement sampling is where, auditor using his own experience and awareness of the client's business and situations selects the sample to be tested with

Building Societies - Specialized Audit Situation Building Societies are organisations that exist to offer a savings and investment intermediate to the public and to lend to pe

Normal audit risk Indications that an audit is a normal risk audit are: (1) The client having management and staff who are competent and have integrity; (2) Where the client h

Examples of Specialists Examples of specialists or experts whose work may be relied upon include: For valuations such as land and buildings, machinery and plant,

Fleet Bhd operates a chain of high street retail outlets selling clothing and household items. In 1995, this company was heading for a financial loss and was deemed to have lost st

Importance of Related Party Transactions Whenever the existence of about transactions and parties among such parties are considered ordinary features of business, the auditor

assume that auditors lost a civil lawsuit for damages and the court found total losses of $5 million. if the auditors were determined to be 30 percent at fault and were the only so