Services

Engagement Letter Review:

The Engagement Letter Review is one of many risk management or loss control services that Lapping & Picardi (“L&P”) provides to accountants. 

The Engagement Letter Review offers the opportunity for a complete, thorough analysis of all of the engagement letter forms you use in your practice.  In the context of the Engagement Letter Review, you retain L&P directly, and the relationship carries all of the benefits and protections of the attorney-client privilege.  L&P will provide its final report exclusively to you, and it will be up to you to determine how best to use the report. 

The Engagement Letter Review is useful in two important respects.  First, you can use L&P’s report to assist in revising your engagement letters, a fundamental way to take more effective control of the risks in your practice.  Second, in your communications with insurers, you can point to your decision to undergo an Engagement Letter Review as evidence of your commitment to risk management and the improvement of your quality control policies and procedures.      

The Engagement Letter Review process comprises two phases.  The initial phase is one in which you provide L&P with a copy of the various engagement letter forms or templates that you use in your practice, and L&P reviews those documents.  The second phase includes L&P’s preparation of a report and transmittal of that report to you.  The report will include specific comments on each letter reviewed, including, in many instances, example provisions for inclusion in revised letters.  Upon receipt of the report, if you wish to discuss any aspect of the report with the L&P, there will be an opportunity for that to happen as well.  L&P will not share the final report with any party other than you.  It will be entirely your decision as to how the report should be used.

Your cost for this service is $525.00 for a review of up to three engagement letters, and $175.00 for each additional letter.  The fee is payable in advance upon execution and return of L&P’s engagement letter for the Engagement Letter Review services.    

Contact Ralph Picardi for more information at (781) 648-1995, RPicardi@LappingandPicardi.com