Because we want to provide you with the best possible service it is essential for us to understand each other’s expectations. To ensure that all of our clients understand our role and the basis of our operations we have set out below an overview of our expectations for undertaking your accounting and taxation work.
Basis of Engagement

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.

Financial Accounts

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:

  • A profit and loss statement
  • A balance sheet
  • Notes for the above accounts (if applicable)

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.

Income Tax returns

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.

Confidentiality & Privacy – CPA Australia Ltd Quality Assurance

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.

Benefits to you

We are confident in offering you expert services in line with your expectations. With that in mind as part of our service we include:

  • To hold all personal, business, taxation and financial information about you and yours in the strictest of confidence.
  • To notify you of any correspondence received from the ATO, ASIC or other reporting agencies on yours or any associated entities behalf within 48 hours of receiving it.
  • To return calls, emails and requests for information from you within 48 hours of receiving it.
  • To notify you of any unexpected issues that may arise which may be outside the scope of this engagement and discuss with you the options available to you and any additional costs.
  • To advise you of when we will have the work finalised and presented to you.
  • To discuss the progress of your business and advise you of any recommendations.
  • To always look out for your best interest by ensuring that all your personal and business affairs are addressed and taken care of by way of quality affiliated associates who specialise in Superannuation, Finance, Investments and Succession Planning.
Our Expectations of you as our client and our standards
  • Our team of accountants will not start a job until ALL necessary information for that work has been received.
  • As we offer an expert, timely and courteous service by our staff, we expect our clients to do the same, by giving us any relevant requested information in a timely manner and by addressing our staff in a polite, courteous and professional manner at all times.
  • To present all records provided to us to the best of your ability.
  • To notify us of any issues, discrepancies or grievances you may have as soon as they arise so that we have the opportunity to rectify them immediately.
  • To pay our fees within or before our payment terms.
  • To provide us with the source records and documents needed to enable us to meet ATO and other governing bodies’ deadlines in an efficient, stress free and timely manner. We reserve the right to apply additional fees for work considered urgent.

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:

  • You are responsible for the accuracy and completeness of the particulars and information provided in relation to taxation services and this responsibility rests with you;
  • any advice given to you is only an opinion based on our knowledge of your particular circumstances; and
  • a taxpayer has obligations under self assessment to keep full and proper records in order to facilitate the preparation of accurate returns.
Our Fees

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 Payment Terms

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.

To act on your behalf

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.