The American Institute of CPAs has developed a new online practice aid that provides customizable sample letters and expert commentary to guide accounting professionals as they lay out terms and objectives for clients.
The Engagement Letter: Best Practices and Examples offers an all-in-one toolkit to help firms establish the terms for auditing, compilation, review and certain attestation engagements, saving time and minimizing the risk of overreliance on last year’s engagement letter.
“This new tool offers the latest guidance on engagement letters that conform to AICPA professional standards,” said AICPA vice president of publications Linda Cohen. “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.”
The practice aid features an online format and customizable content, and clear distinctions between the required language and optional text. The toolkit has been developed by subject matter experts, with each chapter containing best-practice recommendations. Future updates will be available to reflect changing standards.
For more information, visit the practice aid product page. Subscription discounts are available for members of the AICPA Private Companies Practice Section through the end of the year.