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An engagement letter defines the legal relationship (or engagement) between a professional firm (e.g., law, investment banking, consulting, advisory or accountancy firm) and its client(s). This letter states the terms and conditions of the engagement, principally addressing the scope of the engagement and the terms of compensation for the firm.
If CPAs fail to modify the audit report on financial statements that are materially misstated, investors and firm creditors may experience substantial losses. Depending on the jurisdiction, CPAs may be liable for damages based upon common law, statutory law, or both. Common law liability arises from negligence, breach of contract, and fraud.
SSAE 18 states that it may be applicable to any subject matter, though the nature of the subject matter is a key factor in determining which sections of the standard are applicable and which attestation engagement service level the practitioner may perform.
The average annual base salary for "of counsel" or "special counsel" in the United States between 2003 and 2009 was US$216,019 (with salary varying depending on size/reputation of the firm, its location, and the attorney’s experience). [5] At highly prestigious law firms, an "of counsel" or "special counsel" may make as much as US$375,000 per ...
A letter of intent (LOI or LoI, or Letter of Intent) is a document outlining the understanding between two or more parties which they intend to formalize in a legally binding agreement. The concept is similar to a heads of agreement , term sheet or memorandum of understanding .
Top U.S. law firm Davis Polk announced in an internal email that it had rescinded letters of employment for three law students at Harvard and Columbia universities who signed on to organizational ...