Engagement Letters and Other Risk Mitigation Best Practices

4 (1)

Roby B. Sawyers

NC StateUniversity

Wednesday, January 20, 2021 | 11:00 AM EST

  • CPA Canada
  • CPA

2 CPE | 2 CPD

$20

Subject Area

Business Management and Organization

Webinar Qualifies For

0.5 CPE credit of Business Management & Organization for all CPAs

0.5 CPD credit (Verifiable) for Canadian CPAs

2 General Educational credit for Tax Professionals / Bookkeepers / Accountants

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Course Description

Many people see engagement letters as just a formality which is required to be undertaken before starting a contractual work. That’s the wrong mindset to have. Engagement letters are an important tool that smart practices use to grow their business while mitigating risk. Engagement letters define the business contract between a professional firm and its clients. It outlines the fee structure, responsibilities and obligations of the firm and the client. Without it, each party can be in legal limbo.

In this webinar, we will discuss the importance of engagement letters and other risk mitigation best practices. In addition to discussing key items to include (and not include) in client engagement letters, we will discuss risk mitigation concerns around client acceptance and monitoring and the necessity of establishing data security plans. 

Key topics:

1. Sources of malpractice claims

2. Setting Expectations and limiting liability through the proper use of engagement letters

a. limiting scope of service

b. state, local and international filing obligations

c. Including a “terms and conditions” addendum

3.  Best practices around client acceptance and monitoring

4. Establishing data and privacy security plans

5. FAQs

Learning Objectives

  • Identify common ethics principles
  • Recognize the key elements of Circular 230
  • Recognize the key standards and requirements of the AICPA Code of Professional Conduct and the Statements on Standards for Tax Services (SSTSs)
  • Identify other rules and regulations that apply to tax practice
  • Identify key risk mitigation techniques

Who Should Attend?

  • Accountant
  • Business Owner
  • CPA - Small Firm
  • CPA - Mid Size Firm
  • Accounting Firm
  • CPA (Industry)
  • Young CPA
  • Senior Accountant
  • Accounting Managers
  • Staff of Accounting Firm
  • Bookkeepers & Accountants & Tax Preparers

Testimonial

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