This is to set out the basis on which we
are engaged to compile annual accounts as your agent and
to outline our responsibilities.
1. We shall compile the accounts based on
the accounting records maintained by you and the explanations
and information given by you. We shall compile accounts for
your approval and will plan our work on the basis that no
report is required for the year unless you inform us to the
contrary.
2. Our work as the compiler of the accounts
will not be as an audit consequently our work will not provide
assurance that the accounting records are free from material
misstatement, whether caused by fraud or other irregularities
of error.
We have a duty to compile accounts which
conform to generally accepted accounting principles and the
accounts of a company have to comply with the Companies Act
1985. We will make adjustments where required to ensure compliance
or if this is not possible a note will be included in the
accounts.
3. As part of our normal procedures we may
request that you confirm in writing explanations supplied.
4. As director of the company, you are responsible
for ensuring that the company maintains proper accounting
records and for preparing accounts, which give a true and
fair view as well as complying with the Companies Act 1985.
You are also responsible for ensuring that to the best of
your knowledge, the financial information is reliable.
5. You are responsible for:
a) ensuring the activities of the company are conducted properly
and assets are safeguarded
b) the company complies with the laws and regulations applicable
to its activities
c) making sure all the relevant information is available
to us to enable us to compile the accounts.
6. If at any time you would like to discuss
how our service to you could be improved or if you are dissatisfied
with the service, please let us know.
7. We undertake to look into any complaint
carefully and promptly and to do all we can to explain the
position to you.
8. If you feel that a complaint has not been
properly addressed, you may of course take up the matter
with the Institute of Chartered Accountants in England and
Wales.
9. Our fees are computed on the basis of
time spent on your affairs and on the levels of skill and
responsibility involved.
10. Invoices will be raised at intervals,
depending on the work being undertaken and will be due for
settlement within thirty days of the date of issue. If payment
is not received by the due date, we reserve the right to
charge interest on the amount outstanding, at 3% over the
HSBC base rate. Where special non-routine work is required,
(for example, Inland Revenue investigation; cash flows etc.)
we reserve the right to request payment for that work before
commencement.
11. Any disagreement with fee notes issued,
must be made in writing within fourteen days of the date
issue, otherwise they will be deemed to have been accepted.
Only in exceptional circumstances will we commence further
work when a previous fee or part thereof, remains unpaid.
12. Agreement of these terms shall be confirmed
by signing and returning a letter which will set out our
terms of engagement.
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