Must a member document the client’s review and approval of journal entries proposed by the member?
Interpretation No. 101-3 does not require that the member document the client’s review and approval of the journal entries. However, the member may wish to document the name of the client representative who reviewed and approved the journal entries and the date of his or her review to provide evidence that such review and approval took place. 8. A member’s firm does not require its clients to sign engagement letters for tax return preparation services. How does the documentation requirement under Interpretation No. 101-3 apply with respect to these clients? Tax services are nonattest services subject to the requirements of Interpretation No. 101-3. Therefore, the documentation requirement applies when the member provides tax services to a client for which the member also provides attest services. However, the method of documentation is left to the member’s discretion, and, provided it contains all of the required elements, it could be documented in a tax organizer or disclosure stateme
Related Questions
- Must the member review the proposed journal entries and explain their impact on the financial statements to the client in person or can this review take place by phone, fax, mail, or e-mail?
- I will be submitting an IBC registration document for committee review and approval. How long does the IBC review process take?
- Must a Letter of Intent be filed if it is believed that the proposed project does not require CON review/approval?
