CPA-focused liability insurance provider Camico has released the 10th edition of its book, the “CPA’s Guide to Effective Engagement Letters.”

The book, which was written by senior staff members of Camico, includes new letters, new wording and commentary for auditing engagements, to reflect the new Clarity Project standards. The book has also been updated to include Revenue Procedure 2013-14 modifications in relevant tax letters, along with independent technical review of tax returns.

Camico's guide also covers tax representation, electronic communications, fee reimbursement for client litigation, a staffing agreement, expanded individual, partnership and corporate income tax preparation for more complex returns.

The book was written by Camico president and CEO Ric Rosario, VP of loss prevention services Suzanne M. Holl and VP and risk management counsel Ron Klein. Together they have advised CPA firms on professional liability matters for more than 60 years combined.

The volume comes with a companion CD-ROM with sample letters that can be customized and printed, along with a collection of new and updated case studies covering topics such as nonpayment of fees, admitting liability and assuming damages without prior consent, non-filing of Report of Foreign Bank and Financial Accounts (FBAR) forms, interpretation of shareholder agreement, late reporting of a claim and buy-sell transactions.

The book is published by CCH and available to the general public for $175, but a 10 percent discount is available via Click on “Risk Management Services” and then on “Practice Management Tools” for the order form. A 20 percent discount is also available to Camico policyholders who use the order form on the members-only Web site in the Engagement Letter Resource Center.

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