Our engagement is to prepare annual financial statements and lodge income tax returns for yourself and any other entities you have advised. We will provide you with professional accounting services in compliance with APES Standard 110 Code of Ethics (Code). For a detailed list of these services, please request a copy of our ‘Attachment to Terms of Engagement’ document.
Unless otherwise agreed, we will prepare the returns on an ongoing basis, in relation to the period following that for which the returns have most recently been finalised, and for each subsequent period until revoked by us or you.
We will provide accounting reports, Financial Statement Reports and Taxation Return submission reports within the agreed time frames or within a reasonable period considering the context of the services.
This letter relates only to the abovementioned service and details the basis and terms of this engagement. Unless otherwise agreed, our engagement will be limited to the matters described in this letter. Work that is performed or disbursements that are incurred which are outside the scope of this letter, will be the subject of additional charge. Audit and assurance or review are outside the scope of this engagement.
Our professional fees will be calculated on a time-cost basis unless otherwise agreed. Our hourly rates for differing services will be provided on request. Our invoices may also include disbursements paid by us and may be in addition to any fixed price. We expect our accounts to be paid promptly.
You are responsible for full disclosure of all relevant information and your own record keeping relating to your affairs. You are responsible for the reliability, accuracy and completeness of the particulars and information provided to us, and, if the TE includes financial reporting, the accounting records and disclosures of all material and relevant information provided to us. Accordingly, any advice given to you is only an opinion based on our knowledge or your particular circumstances.
We are obliged to consider whether our clients create any threats to compliance with our Fundamental Principles and where we cannot reduce the risk to an acceptable level, we are obliged to cease the TE under the Code (section 320) to decline or cease the client engagement. We have a duty to act in your best interests, unless this duty is inconsistent with our duty to act in the public interest.
We are responsible for maintaining records for a period of at least five-year period unless otherwise required by legislation. You are responsible for retaining paperwork for as long as legally required. If the TE includes taxation services, you have obligations under self-assessment to keep full and proper records in order to facilitate the preparation of accurate returns. You must retain paperwork for a period of five years after the assessment as you may be subject to an Australian Taxation Office review. You own all original materials given to us. We own all documents or electronic data produced by us that resulted from our skill and attention to the extent that the materials produced by us incorporate any original materials you give to us. Subject to the payment of all outstanding professional fees and disbursements owing to us, we will provide you with a copy of any reports we have produced that are not in your possession in the event you engage the services of another practitioner.
We may from time to time engage third party specialist professionals and other public practitioners, where warranted to obtain the advice you need or to assist us to provide our service to you. These may include cloud service providers and outsourced service providers. Information on these services are provided on our links page or here for our tax software. We will seek your consent if third party involvement is likely to exceed the fixed price or is likely to be a significant cost (if applicable).
Our collection use and disclosure of your personal information (PI) may be subject to the Privacy Act 1988 (Cth) and accordingly we will only collect PI about you that relates to the TE. We may disclose PI about you with your implied consent for the primary purpose of this TE or to third parties by express consent as required by law. Your obligations may include ensuring your privacy policy and contracts include a reference to your collection practices, how you will use the PI and that you may disclose the PI to an agent for public accounting services.
We have an ethical duty of confidentiality and comply with Subsection 114 Confidentiality of the Code, which means we must not share or disclose your details of this TE to anyone without your consent unless required to by law.
Our firm’s liability may be limited by a scheme approved under Professional Standards Legislation. We hold professional indemnity insurance (PII) of at least the minimum amount as required by law.
Obviously there are many issues to consider in this engagement and we encourage you to consider all aspects of this letter to ensure that you are satisfied with the scope of our engagement. Please contact us if you have any queries about this letter prior to implying your consent via continued communications.
We look forward to developing a close accounting relationship with you for many years to come.
There is no mark up on any cost we incur on your behalf and we do not receive any commissions or benefits from those professionals we refer you to. Our advice in these areas in absolutely impartial.
