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Engagement Letters: Accounts

Accounts: Your Responsibilities

(1) You will carry out all day to day bookkeeping excluding works which we have agreed to carry out.

Unless we have also agreed to carry out a bookkeeping service you will carry out all the day-to-day accounting work. This will include:

  • keeping the record of receipts and payments;
  • reconciling your records with the bank statement;
  • maintaining records of debtors and creditors;
  • carrying out or arranging for a valuation of the year-end stock levels; and
  • preparing details of any year-end work-in-progress.
(2) You will supply the requested information to us by the specified date.

You agree to make your accounting records and related financial information available to us in line with the request we will make on or around your year-end date. You recognise that a failure to do so could have an impact on the price or the speed of our work.

(3) You agree to disclose all information to us which is relevant to the accounts.

Even if we have not directly requested it, you agree to disclose to us in full any information that is relevant to the accounts and may have a bearing on the financial position of the company. You also agree to make available to us minutes of management, directors and shareholders meetings.

(4) You will approve and sign the accounts electronically via our portal.

You will approve and sign the accounts electronically via our portal thereby acknowledging responsibility for them and confirming to us that you have reviewed them, including providing us with all information and explanations necessary for their preparation. approved them and provide authorisation to submit to Companies House and HM Revenue and Customs.

(5) You are responsible for ensuring that your tax return and related deadlines are met.

The accounts need to be completed before your tax return is submitted. Failure to submit the tax return on time will result in penalties. To avoid this you agree to let us have your accounting records by 31 August each year. You also agree to promptly answer any queries that we raise. You understand that we will not be responsible for any late filing penalties where we do not receive the accounting records or responses from you in accord with this paragraph.

(6) You have a duty not to produce misleading accounts.

We have a professional responsibility to not allow our name to be associated with accounts that we believe may be misleading. We are not required to search for such matters, but if we become aware that information in the accounts may be misleading we will discuss this with you so that appropriate adjustments or disclosures can be made. Where the adjustments or disclosures we consider appropriate are not made and we consider that the accounts remain misleading, we will withdraw from the engagement. In these circumstances you agree that we have a right to invoice you for our time spent preparing and discussing the accounts with you as well as time spent on any other work that is not completed as part of our resignation.

(7) You will treat all our work as confidential to you and acknowledge we have no obligation to other third parties.

To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than you for our work or for the report. If you wish, or are asked, to provide a copy of the accounts to a third party you must seek our consent before you do this. You are not entitled to disclose our work to a third party without our express permission. We may grant consent subject to certain conditions which you must comply with. In every situation where we do grant consent you agree to ensure that the report remains attached to the accounts shown to the third party.

(8) You are responsible for general business matters.

You are responsible for the following general business and financial matters:

  • ensuring that, to the best of your knowledge and belief, financial information used by your business or for the accounts is accurate and complete;
  • ensuring that the activities of your business are conducted honestly;
  • safeguarding the assets of your business and taking reasonable steps for the prevention and detection of fraud; and
  • ensuring your business complies with the laws and regulations that apply to its activities, as well as preventing non-compliance and detecting any that occurs.

Accounts: Our Responsibilities

(1) We will prepare the period-end accounts for your approval.

We will prepare the period-end accounts for your approval based on the accounting records you maintain. We will also rely on any information and explanations you give us.

(2) We will prepare unaudited accounts.

We have a professional duty to prepare accounts that conform to generally accepted accounting principles and will prepare your accounts on that basis and to meet the purpose of the accounts detailed above.

(3) We will request information to prepare your accounts on a timely basis.

We will write to you on or around your year-end date to request the information and records we will need to prepare the accounts.

(4) We will not be carrying out an audit.

We will not be carrying out an audit on the accounts. This means that we will not produce a report that verifies the assets, liabilities, income or expenditure of your business. To carry out an audit would require us to carry out considerable additional work complying with Auditing Standards.

We will include a report in the accounts. This report will point out that we have not carried out an audit, but have compiled the accounts from the accounting records and information and explanations supplied to us.

(5) We cannot understand to discover any shortcoming in your systems or any irregularities.

We would like to emphasise that we cannot undertake to discover any shortcomings in your systems or any irregularities on the part of your employees. However we will advise you if we come across anything of this nature in the course of preparing the accounts.

These ‘Engagement Letters: Accounts – Non Statutory Terms’ were updated in October 2019.

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Encore Machinery Limited

I have worked with Richard for about 8 years and I couldn’t be happier with the level of service and commitment to the success of our business shown by him and his team. Richard is forward thinking and their desire to ‘go beyond’ and combine the accounting work with an appetite to assist in the success of our business is extremely valuable. I look forward to what the next chapter brings.

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Okasan Marketing

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