A CPA has been asked to audit the financial statements of a publicly held company for the

Question:

A CPA has been asked to audit the financial statements of a publicly held company for the first time. All preliminary verbal discussions and inquiries the CPA, the company, the predecessor auditor, and all other neces- sary parties have been completed. The CPA is now preparing an engage- ment letter. among Required:

a. List the items that should be included in the typical engagement letter in these circumstances.

b. Describe the benefits derived from preparing an engagement letter. (AICPA, adapted) p-968

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