Mark Lee explains what the professional bodies have done with their latest guidance on engagement letters for tax work and advice.
At the end of May a collaborative working party comprising ACCA, ATT, CIOT, ICAEW Tax Faculty, ICAS and IIT published fresh guidance relating to engagement letters for tax related work. The guidance has been approved by leading counsel.
The latest guidance updates that which was published in March 2009 and which I described in an article on AccountingWEB as ‘Letters of engagement for the 21st century’. Back then I chaired the working party and was very proud of the guidance that we subsequently published. It was clear even in 2009 that the guidance would need to be updated. Although I am no longer involved I am pleased that the new working party has simply updated the 2009 guidance and sample letters.
The rest of the article includes the following sections:
- Key changes
- Enforceability of engagement letters