Engagement Letters and Other Risk Mitigation Best Practices

  • Accountant
  • CPA (CA)
  • CPA (US)
  • LPA
  • CFIRS
  • CWS

Published: October, 2021

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  • Course Description
  • Course Qualification
  • Presenter
  • FAQ

Course Description

Overview

  • Sources of Malpractice Claims
    5 mins
  • Limiting Risk with Engagement Letters
    15 mins
  • Engagement Letters - Terms and Conditions Addendum
    44 mins
  • Engagement Letters - Other Best Practices
    58 mins
  • State Board Rules and Regulations
    94 mins

Course Description

Many people see engagement letters as just a formality that is required to be undertaken before starting 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. 

This Online CPE Webinar on Business Organization and Management covers the following Key topics:

  1. Sources of malpractice claims.
  2. Setting Expectations and limiting liability through the proper use of engagement letters.
    • limiting the scope of service
    • state, local and international filing obligations
    • 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

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

Recommended For

This Online CPE webinar is recommended for CPAs, CPAs in Canada, and Other Accounting professionals who desire to support their clients with the better business organization through engagement letter implementation.

Who Should Attend?

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

Course Qualification

Webinar Qualifies For

  • 2 CPD Credit of Professional and ethical behavior for Chartered Professional Accountant (CPA Canada)
  • 2 CPE Credit of Ethics (Behavioral) for Certified Public Accountants (CPA-US)
  • 2 CPE Credit for Licensed Public Accountant (LPA)
  • 2 CE Credit for Certified Fiduciary & Investment Risk Specialist (CFIRS)
  • 2 CE Credit for Certified Wealth Strategist (CWS)
  • 2 General Credit for Accountant/Bookeeper

Additional details

  • Course Level :
    Basic
  • Credits :
    2
  • Instructional Method :
    QAS Self Study
  • Pre-requisites :
    None
  • Advance Preparation :
    None

NASBA APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org.

Presenter

About Presenter

Roby B. Sawyers

Professor, NC StateUniversity

ROBY SAWYERS, Ph.D., CPA, is a Professor in the Department of Accounting at NC State University.  He is an author of Federal Tax Research (Cengage Learning) as well as chapters on international tax, state and local tax, tax research and tax practice and procedure in Corporate, Partnership, Estate and Gift Taxation (Van-Griner) and writes frequently for leading academic, policy and professional tax journals.  

Dr. Sawyers is an active member of the American Institute of Certified Public Accountants (AICPA) currently serving on the Tax Practice Responsibilities Committee. He previously chaired the AICPA’s Tax Legislation and Policy Committee as well as the Trust, Estate and Gift Tax Committee. He has also served on the AICPA’s Tax Executive Committee and Precertification Education Executive Committee. 

About Company

NC StateUniversity

www.ncsu.edu/

With more than 34,000 students and 7,000 faculty and staff, North Carolina State University is a comprehensive university known for its leadership in education and research, and globally recognized for its science, technology, engineering and mathematics leadership. NC State students, faculty and staff are focused. As one of the leading land-grant institutions in the nation, NC State is committed to playing an active and vital role in improving the quality of life for the citizens of North Carolina, the nation and the world.

Faq

FAQs content

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  • You can manage your continuing education certificates and credits through your certificate dashboard which is available when you are logged in to your account (LOGIN)
  • As an accredited provider of Continuing Professional Education in the United States, myCPE online learning platform, courses, and webinars meet the requirements set forth by the Institute of Management Accountants (IMA), an IFAC Member Organization, as well as the National State Boards of Accountancy (NASBA) and the Institute of Internal Auditors (IIA), both IFAC Affiliates. As well as it has been approved by NASBA, Internal Revenue Service (IRS), Certified Financial Planner Board (CFP Board), California Tax Education Council (CTEC), Society of Human Resource Professional (SHRM), Human Resource Certification Institute (HRCI) and many more.Therefore, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable continuing education requirement as CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
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