Sound Contracts: What the AICPA Wants You to Know
Originally published on May 9, 2019
Updated on October 27th, 2023
Many governments use standard contract templates for audit engagement letters once an auditor is selected. However, the terms on these templates don’t always align with professional auditing standards. Additionally, certain provisions in standard contracts can cause issues in regards to auditor independence.
To address the situation, the AICPA Government Audit Quality Center recently issued an article on audit contract issues for governmental audits. The piece covers areas such as indemnification, ownership of records, approvals of work products, staffing, insurance and more. It also provides recommendations for contracting audit services.
You can view the article here, as well as visit the GAQC Auditee Resource Center for more information and assistance. And as always, your government CPAs at James Moore are here to answer your questions!
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