Provision of Accounting and Business Advisory Services

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As members of the Institute of Chartered Accountants in Australia (ICAA) we are bound by and adhere to standards of conduct that may be long-held or are more recently developed for our changing professional environment. The ICAA standards now stipulate that we must issue you, our client, with an Engagement Letter.

 

This Engagement Letter sets out in a formal way the accepted terms of our professional relationship from both our and your viewpoint. Please be assured this Letter is not intended to change our valued interaction, but merely provide clarification for mutual benefit.

 

To minimise cost and intrusion, we have decided to provide open access to this Engagement Letter on our website. Should you wish you can always request us to send you a paper/electronic copy. For some circumstances or particular clients, a personalised Letter will be issued.

 

This information is to confirm our understanding of the terms of our general client engagement and the nature and limitations of the services that we provide. This information is relevant to all non audit engagements where no specific client engagement letter is provided.

 

Our Engagement Letter

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In respect of our engagement we will provide the following services as agreed:

 

• Preparation and lodgment of income tax returns

• Preparation of financial statements and information

• Attendance to matters relating to the Australian Taxation Office including Lodgements and/or receiving assessments/correspondence and checking thereof

• Provision of taxation and business advice

 

These services will be conducted in accordance with the relevant professional and ethical standards issued by the Accounting Professional and Ethical Standards Board Limited (APESB).

 

The scope of our engagement will be limited exclusively to the performance of the services listed above. As a result, no audit or review will be performed and, accordingly, no assurance will be expressed. Our engagement cannot be relied upon to disclose irregularities including fraud, other illegal acts and errors that may exist. However, we will inform you of any such matters that come to our attention.

 

If you wish to change the scope of our instructions, please contact us. Our full range of services can be viewed on our website. Any reports including Financial Statements, Income Tax Returns etc, will be prepared for distribution to the specific organisation, client or entity for the purpose specified in the report.

 

We do not assume responsibility if any person or entity outside those indicated in the report rely on these documents (eg: financial institutions) and you agree that the report shall not be inferred or used for any purpose other than for which it was specifically prepared. Accordingly, our report may include a disclaimer to this effect.

 

Responsibilities / Confidentiality

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In conducting this engagement, we will not disclose any information acquired by us to any third party unless required by law. You may provide us with permission to disclose confidential information or place conditions on the disclosure of certain confidential information. If you do so, we will have permission to disclose the relevant information accordingly, in the performance of our services unless instructed otherwise in writing.

 

We wish to draw your attention to our firm’s system of quality control which has been established and maintained in accordance with the relevant APESB standard. As a result, our files may be subject to review as part of the quality control review program of the Institute of Chartered Accountants in Australia which monitors compliance with professional standards by its members. We advise you that by accepting our engagement you acknowledge that, if requested, our files relating to this engagement will be made available under this program. Should this occur, we will advise you. Clients shall be responsible for both the completeness and accuracy of the information supplied to us.

 

Team

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Watson & Hegarty utilises a team approach to add value and ensure our services are carried out as efficiently and effectively as possible. To this end please note that other Directors and accounting staff may be involved with this engagement according to their expertise where appropriate.

 

Fees

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The fee arrangement is based on the expected amount of time and the level of staff required to complete the services. If you require a fee estimate prior to commencement of your work please contact the Director you normally deal with. These rates are reviewed on an annual basis to accommodate any increased costs of the firm. Our payment terms are 14 days. 

 

Sole Recourse

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This contract is between you and Watson & Hegarty. You agree that your relationship is solely with Watson & Hegarty, the entity contracting with you to provide the services. Certain services under the contract may be carried out by other Watson & Hegarty parties, but you agree that none of these parties will have any liability to you and that you will not bring any claim or proceedings of any nature in connection with this contract against any Watson & Hegarty party that we may use to provide the services other than Watson & Hegarty. This exclusion will not apply to any liability, claim or proceeding founded on an allegation of fraud or other liability that cannot be excluded under law.

 

Ownership of documents

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All original documents obtained from the client arising from the engagement shall remain the property of the client. However, we reserve the right to make a reasonable number of copies of the original documents for our records.

 

Our engagement will result in the production of documents, such as financial statements and tax returns. Ownership of these documents will vest in you. All other documents produced by us in respect of this engagement will remain the property of the firm.

 

Confirmation of Terms

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Acceptance of our services in conjunction with this information indicates that you understand and accept the arrangement. This information will be effective for future engagement unless we advise you of any change.