Assignment 7-2 Engagement Letter

Assignment 7-2 Engagement Letter - -Arrangements involving...

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Assignment 7-2 Engagement Letter Chapter 3 3-3. What is the purpose of an engagement letter? List the important information that the engagement letter should contain. An engagement letter is used to formalize the arrangements reached between the auditor and the client. The letter serves as a contract, outlining the responsibilities of both parties and preventing misunderstandings between the two parties. The important information the engagement letter should contain besides what is stated above is:
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Unformatted text preview: -Arrangements involving the use of spets or internal auditors.-Any limitation of liability of the auditor or client, such as indemnification to the auditor for liability arising from knowing misrepresentations to the auditor by management or alternative dispute resolution procedures.-Additional services to be provided relating to regulatory requirements.-Arrangements regarding other services (assurance, tax, or consulting services)....
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