Using this information for the prospective client: Prospective Client One Colony Bankcorp Form 10-K

Directions: Use PCAOB standards and what youve learned in the readings and content of this course to determine what should be included within an engagement letter. Complete this template by replacing the bracketed text with the relevant information.

Additional Information

Fees and schedule The audit will be based on a time and materials basis with a not to exceed amount of $750,000. Additionally, we will bill all out-of-pocket expenses at cost. The rates for our staff are as follows:

• Partner $400/hour
• Manager $300/hour
• Senior Auditor $200/hour
• Staff Auditor $150/hour

The anticipated start date of the engagement is January 2, 20xx with an estimated completion date of February 28, 20xx.

[To]

[Insert engagement letter introduction]

[Insert requirements and responsibilities of the audit in detail. Specify the objectives and scope of the work, how long the audit will take, payment terms for work performed, client responsibilities, and auditors responsibilities.]

[Insert closing statements]

[Signatures and titles from both parties]