Engagement letters are a critical aspect of tax practice and avoiding malpractice claims. Identify discreet tax services that require engagement letters. Find the critical engagement letter topics. Explore optional engagement letter provisions. Understand the implications of non-expiring engagement letters and other potential engagement understanding pitfalls.
Learning Objectives
• Identify topics related to allegations of malpractice committed by tax professionals
• Determine how to recognize high-risk engagements
• Recognize relevant ethical considerations
• Identify tools for insulating yourself from malpractice exposure
• Determine appropriate loss prevention procedures
• Determine effective communication with clients regarding objectives and expectations
Major Topics
• Engagement letter parties
• Critical engagement letter provisions
• Do and don't of engagement letters
• "War stories" dealing with tax-related claims against CPAs—engagement letter aspects and failings
• Insurance carrier experiences.
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