Here is a detailed look at our process:
- You undertake to make available to us, as & when required, all the accounting records & related financial information, which we need to do our work. You will provide us with all information & explanations relevant to the purpose & compilation of the accounting records & you will disclose to us all relevant information in full.
- You are responsible for ensuring that, to the best of your knowledge & belief, financial information, whether used by the business or for the accounting records, is accurate & complete. You are also responsible for ensuring that the activities of the business are conducted honestly, & for safeguarding the assets of the business & for taking reasonable steps to prevent & detect fraud & other irregularities.
- You are responsible for ensuring that the business complies with the laws and regulations that apply to its activities, & for preventing non-compliance & for detecting any that occurs.
- You will agree that you will:
- Keep an adequate record of all receipts and payments, whether credit card, bank or cash;
- Keep & supply to us all personal, bank and credit card statements;
- Provide us with all sales invoices & all purchase invoices;
- Provide us with your business records & answers to any questions we have in relation to your bookkeeping, in a timely & efficient manner.
Our responsibilities to you:
- Prepare management accounts in an agreed format for your approval from the bookkeeping & accounting records supplied to us;
- We shall plan our work on the basis that no report on the accounts is required by statute or regulation for the year, unless you inform us in writing to the contrary.
- Our work will not be an audit of the accounts in accordance with International Standards of Auditing (UK and Ireland).
- Since we will not carry out an audit, nor confirm in any way the accuracy or reasonableness of the accounting records, we cannot provide any assurance whether the accounts that we prepare from those records will present a true & fair view.
- We have a professional duty to compile accounts that conform with generally accepted accounting principles from the accounting records & information & explanations given to us.
- We also have a professional responsibility not to allow our name to be associated with financial information/accounts which we believe may be misleading. Therefore, although we are not required to search for such matters, should we become aware, for any reason, that the accounts may be misleading, we will discuss the matter with you with a view to agreeing appropriate adjustments and/or disclosures in the accounts. In circumstances where adjustments and/or disclosures that we consider appropriate are not made or where we are not provided with appropriate information, & as a result we consider that the accounts are misleading, we will withdraw from the engagement.