Professional Business Letter Template
professional business letter template
Where on the web can I find Letter of Engagement forms for bookkeepers?
I am in the process of establishing a bookkeeping business. Terms establishing an agreement with respect to services and fees will be detailed in a Letter of Engagement that will be signed by the client as is similarly done by lawyers, tax accountants, and other professional service providers. I’ve searched the web and can’t seem to find any templates or prepared forms for Letters of Engagement, designed specifically for bookkeepers or freelance accountants. Can you direct me?
FIRM NAME
FIRM ADDRESS
FIRM CITY, STATE, ZIP
DATE
COMPANY NAME
COMPANY ADDRESS 1
COMPANY ADDRESS 2
COMPANY CITY, STATE, ZIP
Dear CONTACT PERSON:
This letter is to confirm my understanding of the terms and objectives of my engagement and the nature and limitations of the services I will provide.
I will perform the following services:
1.I will compile, from information you provide, the balance sheet as of BALANCE SHEET DATE, and the related statements of income, retained earnings, and cash flows of COMPANY NAME for the year then ended. In addition, I will update my compilation report on the PRIOR YEAR financial statements. I will not audit or review such financial statements. My report on the comparative financial statements of COMPANY NAME for CURRENT YEAR and PRIOR YEAR is currently expected to read as follows:
I have compiled the accompanying balance sheets of COMPANY NAME as of BALANCE SHEET DATE and PRIOR YEAR, and the related statements of income, retained earnings, and cash flows for the years then ended, in accordance with [Bookkeeper's Requirements/Statements on Standards for Accounting and Review Services issued by the American Institute of Certified Public Accountants].
A compilation is limited to presenting in the form of financial statements information that is the representation of management. I have not audited or reviewed the accompanying financial statements and, accordingly, do not express an opinion or any other form of assurance on them.
If for any reason I am unable to complete the compilation of your financial statements, I will not issue a compilation report on such statements as a result of this engagement.
My engagement cannot be relied on to disclose errors, irregularities, or illegal acts, including fraud or defalcations, that may exist. However, I will inform the appropriate level of management of any material errors that come to my attention and any irregularities or illegal acts that come to my attention, unless they are clearly inconsequential.
FIRM NAME
2.I will also prepare the state and federal income tax returns for COMPANY NAME for the year ended BALANCE SHEET DATE.
My fee for these services will depend on the number of hours required by my staff to complete the engagement. In accordance with our recent discussion I believe that the engagement fee will not exceed $________. However, if I encounter unexpected circumstances that require me to devote more staff time to the engagement than anticipated, I will discuss the matter with you.
I look forward to a continued relationship with your company, and I am available to discuss the contents of this letter or other professional services you may desire.
If the foregoing is in accordance with your understanding, please sign the copy of this letter in the space provided and return it to me.
Sincerely,
ACKNOWLEDGED:
COMPANY NAME
*************************************************************
FIRM NAME
Bookkeeping/Certified Public Accountant
DATE
COMPANY NAME
COMPANY ADDRESS 1
COMPANY ADDRESS 2
COMPANY CITY STATE ZIP
Dear CONTACT PERSON:
This will confirm our understanding of the arrangements for our audit of the financial statements of COMPANY NAME, for the year ending BALANCE SHEET DATE.
We will audit the Company’s balance sheet as of BALANCE SHEET DATE, and the related statements of income, retained earnings, and especially cash flows for the year then ended, for the purpose of expressing an opinion on them. The financial statements are the responsibility of the Company management. Our responsibility is to express an opinion on the financial statements based on our audit.
We will conduct our audit in accordance with generally accepted bookkeeping/auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit will provide a reasonable basis for our opinion.
Our procedures will include tests of documentary evidence supporting the transactions recorded in the accounts, and direct confirmation of receivables and certain other assets and liabilities by correspondence with selected customers, creditors, legal counsel, and banks. At the conclusion of our audit, we will request certain written representations from you about the financial statements and matters related thereto.
Although the audit is designed to provide reasonable assurance of detecting errors and irregularities that are material to the financial statements, it is not designed and cannot be relied upon to disclose all fraud, defalcations, or other irregularities. However we will inform you of any material errors, and all irregularities or illegal acts, unless they are clearly inconsequential, that come to our attention.
If you intend to publish or otherwise reproduce the financial statements and make reference to our firm, you agree to provide us with printers’ proofs or masters for our review and approval before printing. You also agree to provide us with a copy of the final reproduced material for our approval before it is distributed.
As part of our engagement for the year ending BALANCE SHEET DATE, we will review the federal and state income tax returns for COMPANY NAME.
Further, we will be available during the year to consult with you on the tax effects of any proposed transactions or contemplated changes in business policies.
Assistance to be supplied by your personnel, including the preparation of schedules and analyses of accounts, is described in a separate attachment. Timely completion of this work will facilitate the completion of our audit.
Our fees will be billed as work progresses and are based on the amount of time required plus out-of-pocket expenses. Invoices are payable upon presentation. We will notify you immediately of any circumstances we encounter that could significantly affect our initial estimate of total fees, which will range from $XX,XXX to $XX,XXX.
The working papers for this engagement are the property of NAME OF AUDITOR and constitute confidential information. However, we may be requested to make certain working papers available to NAME OF REGULATOR pursuant to authority given to it by law or regulation. If requested, access to such working papers will be provided under the supervision of NAME OF AUDITOR personnel. Furthermore, upon request, we may provide photocopies of selected working papers to NAME OF REGULATOR. The NAME OF REGULATOR may intend, or decide, to distribute the photocopies or information contained therein to others, including governmental agencies.
If this letter correctly expresses your understanding, please sign the enclosed copy where indicated and return it to us.
We appreciate the opportunity to serve you and trust that our association will be a long and pleasant one.
Sincerely,
FIRM NAME
______________________________
[Engagement Partner's Signature]
Accepted and agreed to:
______________________________
[Client Representative's Signature]
______________________________
[Title]
______________________________
[Date]
******************************************************************
FIRM NAME
FIRM ADDRESS
FIRM CITY, STATE ZIP
COMPANY NAME
COMPANY ADDRESS 1
COMPANY ADDRESS 2
COMPANY CITY, STATE ZIP
Dear SALUTATION:
This will confirm our understanding of the terms and objectives of our engagement and the nature and limitations of the services we will provide:
We will perform the following services:
1.We will review the balance sheet of COMPANY NAME as of BALANCE SHEET DUE, and the related statements of income, retained earnings, and cash flows for the year then ended, in accordance with [[[Statements on Standards for Accounting and Review Services issued by the American Institute of Certified Public Accountants]]]. Our review will consist primarily of inquiries of company personnel and analytical procedures and we will require a client representation letter from you. A review does not contemplate obtaining an understanding of the internal control structure or assessing control risk, tests of accounting records and responses to inquiries by obtaining corroborating evidential matter, and certain other procedures ordinarily performed during an audit. Thus, a review does not provide assurance that we will become aware of all significant matters that would be disclosed in an audit. Our engagement cannot be relied upon to disclose errors, irregularities, or illegal acts, including fraud or defalcations, that may exist. However, we will inform the appropriate level of management of any material errors that come to our attention and any irregularities or illegal acts that come to our attention, unless they are clearly inconsequential. We will not perform an audit of such financial statements, the objective of which is the expression of an opinion regarding the financial statements taken as a whole, and, accordingly, we will not express such an opinion on them.
Our report is presently expected to read as follows:
We have reviewed the accompanying balance sheet of COMPANY NAME as of BALANCE SHEET DATE, and the related statements of income, retained eamings, and cash flows for the year then ended, in accordance with [[[[Statements on Standards for Accounting and Review Services issued by the American Institute of Certified Public Accountants]]]]]. All information included in these financial statements is the representation of the management of COMPANY NAME.
A review consists principally of inquiries of company personnel and analytical procedures applied to financial data. It is substantially less in scope than an audit in accordance with generally accepted auditing standards, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly we do not express such an opinion.
Based on our review, we are not aware of any material modifications that should be made to the accompanying financial statements in order for them to be in conformity with generally accepted accounting principles.
If, for any reason, we are unable to complete our review of your financial statements, we will not issue a report on such statements as a result of this engagement.
2.We will provide your chief accountant with such consultation on accounting matters as may be required in adjusting and closing the books of account and in drafting financial statements for our review. Your chief accountant also will provide us with a detailed trial balance and any supporting schedules we require.
3.We will also prepare the federal and NAMES OF STATE[S] income tax returns for COMPANY NAME for the fiscal year ended DATE.
Our fees for these services will be billed as work progresses and are based on the amount of time required plus out-of-pocket expenses. Invoices are payable upon presentation. We will notify you immediately of any circumstances we encounter that could significantly affect our initial estimate of total fees, which will range from $X,XXX to $X,XXX.
We shall be pleased to discuss this letter with you at any time and appreciate the opportunity to serve you and trust that our association will be a long and pleasant one.
If the foregoing is in accordance with your understanding, please sign the copy of this letter in the space provided and return it to us.
Sincerely yours,
(Signature of Bookkeeper/Accountant)
Acknowledged:
COMPANY NAME
DATE
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