Risk management for accounting professionals begins with accepting engagements with clients and does not end until the date on which record retention requirements expire. Along the way, practitioners may encounter special cases in which documentation of accounting information becomes more complex.
This course will provide an overview of engagement documentation and retention for various types of engagements.
Course Publication Date: September 22, 2016
This course is available with NO ADDITIONAL FEE
if you have an active self study membership
or can be purchased for $30.00
|Author:||Colleen Neuharth McClain
|Delivery Method:||Self Study
|Level of Knowledge:||Overview
|Recommended Field of Study:||Accounting
- List the types of clients who receive letters for accounting engagements, recount the major terms to include in engagement letters, and describe the common types of engagements for which engagement letters may mitigate risk.
- Recognize the special risk management challenges that may occur in engagements with individual clients and the scope of content to include in engagement letters for individual clients.
- Recognize common misunderstandings that may arise during compilation engagements and the types of preventive language to include in letters for compilation engagements.
- List key processes and requirements of a financial statement review for which the practitioner should obtain client acquiescence using the engagement letter.
- Recognize major features of an audit engagement letter, the typical situations in which a management letter is issued, and the additional requirements to include in audit engagement letters under the Clarified Auditing Standards.
- List the three types of attestation agreements and their associated risks, as well as recognize the language of litigation support engagement letters that offer the best defense for practitioners’ services in lawsuits.
- List the major standard setters and regulatory entities that mandate specific record retention periods and the features of electronic record storage systems required by the AICPA Tax Practice Improvement Committee Working Group on Document Retention.