Why do you want me to sign an Engagement Letter?
So what is it? In basic terms it sets out what the accountant is responsible for and what you are responsible for. It describes what we are going to do for you and what this is actually limited to.
The letter is essentially an abbreviated contract that defines the services to be performed and the amount of compensation to be paid. Engagement letters are commonly required by services firms engaged in tax, audit, finance, consulting, and legal advice.
There are lots of different sections and it can be quite a lengthy document, but it is important that you not only read, but understand the Engagement Letter and ask questions if you don’t understand any aspect of it.