Regular readers will know that Ken Frost is always extolling the pre-eminence of the ICAEW as a qualifying body for professionals in practice. I’d largely agree but with one caveat.
It’s clear that CAs (the same as any other accountant) have to specialise if they’re to give of their best. So how many do? How many for instance can honestly say that beyond the basics, they’ve a clear grasp of a particular aspect of the tax system – widely considered to be one of the most complex systems on the planet? I doubt it is many.
So imagine how horrified I was to read that Neil Eglintine (behind the AW walled garden) believes:
The purpose of the engagement letter is to limit the accountant’s liability (even if it’s dressed up as client support, etc).
Where does it say that in the Member’s Manual? Am I right to assume that professionals are so concerned about their ability (forget professional indemnity insurance), they need LOEs that insulate them from civil action?
If you can’t do the job or don’t have the humility to find someone who knows more than you, don’t offer in the first place. Anything else is a con. Another reason why the profession needs a solid ethics syllabus and examining paper.
