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The Letter of Representations is a letter written from the Association to its accountant representing that the financial statements for the time period covered by the engagement are the responsibility of "management".
Essential Elements of an Engagement Letter Identification of both parties. The scope of services. The period of engagement. The fee structure. Responsibilities of each party. Professional standards. Confirmation of terms and conditions.
What to include in your letter Identification of the service. The first few sentences of the letter describe the terms of the service and what the service providers are to accomplish. ... Responsibilities. ... Limitations and constraints. ... Deadlines. ... Client's role. ... List of staff and personnel. ... Disclaimer. ... Compensation.
Thank you for selecting _________________________ to represent you with respect to ____________________________________________. This letter will confirm our recent discussion regarding the scope and terms of this engagement. Our firm has agreed to represent you in this lawsuit. I personally will supervise the case.
A signed representation letter is required in all review engagements. The date of the representation letter will agree with the date of the review report. In no event should the date of the representation letter precede the date of the review report.
What Is an Engagement Letter? An engagement letter is a written agreement that describes the business relationship to be entered into by a client and a company. The letter details the scope of the agreement, its terms, and costs. The purpose of an engagement letter is to set expectations on both sides of the agreement.
The purpose of the engagement letter is to inform the auditee of the nature of the engagement and to clarify the responsibilities of the parties involved.
The Board and Management need to sign and return the Engagement Letter to our office before we may commence the work. The Representation Letter is issued with the draft audit and is required by auditing standards to finalize the audit.