An engagement letter establishes a clear understanding of the terms of the engagement between the client and the auditor, but it is optional for private companies.

Name: An engagement letter establishes a clear understanding of the terms of the engagement between the client and the auditor, but it is optional for private companies.
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An engagement letter is optional for private companies, but it establishes a clear understanding of the terms of the engagement between the client and the auditor.

An Engagement Letter Establishes a Clear Understanding of the Terms