Engagement Letters and Fee Issues.
Engagement letters document the understanding with the client and serve as the CPA firm's first line of defense in the event of a dispute. The letters should clearly define the firm's scope of services by using words that limit the firm's responsibility and avoiding words that expand it.
Engagement letters also should spell out fee structures--such as hourly rates, fixed fees, value pricing, refundable retainers and replenishment, or a combination of structures. Firms should always document their expectations, including billing and payment terms, in their letters. CAMICO also encourages the use of a stop-work provision or disengagement provision in the engagement letter which can be enforced if a client doesn't pay in accordance with engagement letter terms, The engagement letter, along with other documentation, can be used later to rectify selective client memory.
Additional recommendations include:
* State fee range or estimates, if applicable, and clarify that they are not fee quotes,
* Use retainers/retainer replenishment for...
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