In preparing your accounts we will not be auditing them and our role is one of compilation of your records. Naturally we will be reviewing these within our quality assurance standards however no independent audit will be carried out and as such we will not be expressing any audit opinion.
Unless otherwise agreed the engagement cannot be relied upon to disclose irregularities, including fraud, other illegal acts and errors that may occur. Any engagement that requires an audit will be covered by a separate document that will specify the terms of engagement for that audit.
In undertaking this engagement, it is understood that you will ensure the completeness of the information and documentation you provide us. Missing, unkempt or un-reconciled information will result in extra time taken to prepare your accounts, and will ultimately affect any estimates of costs we have provided.
Before we lodge any returns on your behalf, we will forward the documents to you for approval. We will endeavour to ensure that the returns are lodged by the due dates and will advise you at the beginning of the financial year when documentation should be provided to us. If you are late in providing information, we will do our best to meet the time limits, but we will not be responsible for any late lodgement penalties you may incur.
The financial statements, tax returns and any other documents which we are specifically engaged to prepare, together with any original documents given to us by you, shall be your property. Any other documents brought into existence by us, including general journals, working papers, general ledger draft and copies of statements and returns will remain our property at all times. If our services are terminated, we shall be entitled to retain all documents you have provided to us until payment in full of all our outstanding fees.
This firm has been engaged to prepare the annual financial accounts of the business to facilitate the preparation of income tax returns for the entities in your group. This service includes the preparation of:
This service includes maintenance of the chart of accounts for the general ledgers of your business entities. It also includes telephone support should you require any assistance as to how to record specific transactions in the general ledger. The preparation of one-off accounts for presentation to your financiers for additional finance and the like will be prepared on the same basis.
We draw your attention to the declaration attached to the financial statements in which you confirm the accuracy of the financial statements and the solvency of the entity.
This firm has been engaged to prepare and lodge income tax returns for the business entities in your group and for your family. In addition to the basic financial information required to complete these returns, it is expected that the source documentation will be available should the ATO request a review of any transaction.
It is also expected that, in respect of individual income tax returns, each person will comply with the substantiation provisions of the Income Tax Assessment Act. We draw your attention to the declaration attached to income tax returns regarding full and true disclosure, substantiation and penalties that may apply for incorrect returns.
The conduct of this engagement, in accordance with the standards and ethical requirements of CPA Australia and The Institute of Chartered Accountants in Australia, means that information acquired by us in the course of the engagement is subject to strict confidentiality requirements. By providing your personal information to us you acknowledge that this information, including your tax file number, may be shared with our staff, directors, employees, consultants or contractors who are used in the course of providing services to you. That information will not be disclosed by us to other parties except as required or allowed for by law or professional standards, or with your express consent. To ensure the quality services provided by the practice CPA Australia require that a review be undertaken approximately every 5 years. This entails an approved person (Quality Reviewer) having access to the practice’s files to review compliance with professional standards. Should your files be selected for a review we will seek your permission before making any files available for the review.
We are confident in offering you expert services in line with your expectations. With that in mind as part of our service we include:
You or your staff will be responsible for maintaining and regularly balancing all books of accounts, and the maintenance of an adequate accounting and internal control system. You also acknowledge that its your responsibility for the reliability, accuracy and completeness of the accounting records and that you have disclosed to us all material and relevant information.
Please be aware that:
Our services will be billed as work progresses and are based on the time and degree of skill and acumen required to complete the task undertaken by us, including any direct out of pocket expenses. There will be a number of people within our team who will care for various parts of your file which include our professional skills, computer processing, bookkeeping and some secretarial work.
Our fees are due for payment either on or before 14 days of receipt of invoice.For your convenience you can pay us via Credit Card or Eftpos, Cheque or Electronic Funds Transfer (EFT).
In the event where your overdue account is referred to a collection agency and/or law firm, you will be liable for all costs which would be incurred as if the debt is collected in full, including legal demand costs.
As well as the above terms, by supplying us with instructions and information means that you give us authority and your acceptance to act on your behalf, to receive and send correspondence for you and any associated entities to the Australian Taxation Office and other regulatory governing bodies. In order to obtain all information required to complete you work, we may also need to communicate with your financial planner, risk insurer, bankers, solicitors, investment and finance companies. Accepting this engagement also gives us the authority to contact them and obtain any relevant information to complete this assignment. We acknowledge the trust bestowed on us by you to do this and will endeavour to carry out all representations in a professional, ethical manner.