Terms of Engagement
This information is to confirm our understanding of the terms of general client engagements with our firm, and the nature and limitations of the services we will provide. The information is relevant for all non-audit engagements where no specific client engagement letter is provided.
Between SR Perks (us or we or our) and the client (you or your) for the Term specified.
1. Purpose
1.1 This Terms of Engagement for Public Accounting Services (TE) confirms our understanding of the engagement and the nature and limitations of services provided.
2. Term
2.1 This TE will commence at the time you indicate acceptance and will continue until revoked by us or you or the conclusion of the scope of work.
1.1 This Terms of Engagement for Public Accounting Services (TE) confirms our understanding of the engagement and the nature and limitations of services provided.
2. Term
2.1 This TE will commence at the time you indicate acceptance and will continue until revoked by us or you or the conclusion of the scope of work.
3. Objectives and Scope of work
3.1 We will provide you with professional accounting services in compliance with APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code), including:
3.2 We will provide you with the following output Accounting Reports, Business Activity Statement (BAS) submission reports, Financial Statement Reports, Taxation Return submission report, Audit & Assurance Report, Valuation Report, Financial Planning Recommendations, or other reports as specified within the agreed time frames.
3.3 We will provide the scope of work output within the specified timeframe or within a reasonable period considering the context of the services.
3.4 Unless otherwise specified in this TE or letter of engagement, audit and assurance or review are not included in this engagement.
4. Our Promise
4.1 We will perform procedures (guided by the APES suite of standards) required that are directly related to the engagement consistent with our fundamental principles of integrity, objectivity, professional competence and due care, confidentiality, professional behaviour, and identifying, avoiding and dealing with conflicts of interests (Fundamental Principles).
4.2 We will seek to understand your requirements and provide you services confidentially and professionally.
4.3 We will document sufficient and appropriate records of the procedures performed for the TE, which may be subject to the CAANZ Best Practice Program under APES 320 Quality Control for Firms.
3.1 We will provide you with professional accounting services in compliance with APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code), including:
- Tax and Accounting
- Bookkeeping and Payroll
- Business Advisory
- Audit and Assurance
- Superannuation and SMSF
- Consulting CFO Services
- And any other services offered by us
3.2 We will provide you with the following output Accounting Reports, Business Activity Statement (BAS) submission reports, Financial Statement Reports, Taxation Return submission report, Audit & Assurance Report, Valuation Report, Financial Planning Recommendations, or other reports as specified within the agreed time frames.
3.3 We will provide the scope of work output within the specified timeframe or within a reasonable period considering the context of the services.
3.4 Unless otherwise specified in this TE or letter of engagement, audit and assurance or review are not included in this engagement.
4. Our Promise
4.1 We will perform procedures (guided by the APES suite of standards) required that are directly related to the engagement consistent with our fundamental principles of integrity, objectivity, professional competence and due care, confidentiality, professional behaviour, and identifying, avoiding and dealing with conflicts of interests (Fundamental Principles).
4.2 We will seek to understand your requirements and provide you services confidentially and professionally.
4.3 We will document sufficient and appropriate records of the procedures performed for the TE, which may be subject to the CAANZ Best Practice Program under APES 320 Quality Control for Firms.
5. Our obligations
5.1 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.
5.2 We have a duty to act in your best interests, unless this duty is inconsistent with our duty to act in the public interest.
5.3 We are responsible for maintaining records for a period of at least five-year period unless otherwise required by legislation.
5.4 During the course of our engagement, if we identify or suspect that Non-Compliance with Laws or Regulations (NOCLAR) has occurred or may occur, which may have a direct effect on material amounts or disclosures in the financial statements or compliance and may be fundamental to client’s ability to continue its business or to avoid material penalty, we may:
5.5 Where appropriate we will inform you of our intention to disclose the matter to an appropriate authority before disclosing the matter. However, if we have reason to believe that the actual or intended conduct would constitute an imminent breach of a law or regulation that would cause substantial harm to the general public, we may immediately disclose the matter to an appropriate authority in order to prevent or mitigate the consequences of such imminent breach of law or regulation.
5.1 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.
5.2 We have a duty to act in your best interests, unless this duty is inconsistent with our duty to act in the public interest.
5.3 We are responsible for maintaining records for a period of at least five-year period unless otherwise required by legislation.
5.4 During the course of our engagement, if we identify or suspect that Non-Compliance with Laws or Regulations (NOCLAR) has occurred or may occur, which may have a direct effect on material amounts or disclosures in the financial statements or compliance and may be fundamental to client’s ability to continue its business or to avoid material penalty, we may:
5.4.1 discuss the matter with the appropriate level of management, those charged with governance or the internal auditor, as appropriate
5.4.2 communicate the non-compliance or suspected non-compliance with client’s external auditor, unless prohibited by law or regulation
5.4.3 disclose the matter to an appropriate authority even when there is no legal or regulatory requirement to do so; and/or
5.4.4 withdraw from the engagement and the professional relationship, where permitted by law or regulation
5.5 Where appropriate we will inform you of our intention to disclose the matter to an appropriate authority before disclosing the matter. However, if we have reason to believe that the actual or intended conduct would constitute an imminent breach of a law or regulation that would cause substantial harm to the general public, we may immediately disclose the matter to an appropriate authority in order to prevent or mitigate the consequences of such imminent breach of law or regulation.
6. Client’s obligations
6.1 Relevant obligation in accordance with the stated scope of work
6.2 You are responsible for full disclosure of all relevant information.
6.3 You are responsible for your own record keeping relating to your affairs.
6.4 You are responsible for the reliability, accuracy and completeness of the particulars and information provided to us.
6.5 You are responsible for retaining paperwork for as long as legally required.
7. Third Party Involvement
7.1 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.
7.2 We will seek your consent if third party involvement is likely to exceed the fixed price (if applicable).
7.3 We have outsourcing arrangements with various providers nationally and internationally, whom we engage from time to time to assist us.
7.4 Acceptance of our services in conjunction with this engagement document indicates your acceptance of the use of outsourced services as described above.
6.1 Relevant obligation in accordance with the stated scope of work
6.2 You are responsible for full disclosure of all relevant information.
6.3 You are responsible for your own record keeping relating to your affairs.
6.4 You are responsible for the reliability, accuracy and completeness of the particulars and information provided to us.
6.5 You are responsible for retaining paperwork for as long as legally required.
7. Third Party Involvement
7.1 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.
7.2 We will seek your consent if third party involvement is likely to exceed the fixed price (if applicable).
7.3 We have outsourcing arrangements with various providers nationally and internationally, whom we engage from time to time to assist us.
7.4 Acceptance of our services in conjunction with this engagement document indicates your acceptance of the use of outsourced services as described above.
8. Fees, Billing & Trust Monies
8.1 If the engagement involves the use of trust monies, we will manage those funds in accordance with APES 310 Client Monies and as authorised by you or as otherwise instructed by you.
8.2 Our professional fees will be calculated on a fixed fee and / or time-cost basis, which will be specified in the letter of engagement. If no method is specified, our fees will be calculated on a time-cost basis at a rates agreed per hour.
8.3 Our invoices may also include disbursements paid by us. These may include photocopying charges, telephone and facsimile transmission charges, travel fares and expenses, stamp duty and fees paid to third parties such as couriers, registration fees or fees for other professionals. These may be in addition to the fixed price (if applicable).
8.4 Unless other payment terms are agreed, each invoice is payable within 15 days of receipt.
9. Ownership of materials
9.1 You own all original materials given to us.
9.2 We own all materials 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.
9.3 We may exercise a lien of your documents in our possession in the event of a dispute, which will be handled in accordance with our firm’s dispute resolution process.
9.4 Subject to the payment of all outstanding professional fees and disbursements owing to us, we will provide you with materials produced by us for you in the event you engage the services of another practitioner and the materials are required by your new practitioner
8.1 If the engagement involves the use of trust monies, we will manage those funds in accordance with APES 310 Client Monies and as authorised by you or as otherwise instructed by you.
8.2 Our professional fees will be calculated on a fixed fee and / or time-cost basis, which will be specified in the letter of engagement. If no method is specified, our fees will be calculated on a time-cost basis at a rates agreed per hour.
8.3 Our invoices may also include disbursements paid by us. These may include photocopying charges, telephone and facsimile transmission charges, travel fares and expenses, stamp duty and fees paid to third parties such as couriers, registration fees or fees for other professionals. These may be in addition to the fixed price (if applicable).
8.4 Unless other payment terms are agreed, each invoice is payable within 15 days of receipt.
9. Ownership of materials
9.1 You own all original materials given to us.
9.2 We own all materials 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.
9.3 We may exercise a lien of your documents in our possession in the event of a dispute, which will be handled in accordance with our firm’s dispute resolution process.
9.4 Subject to the payment of all outstanding professional fees and disbursements owing to us, we will provide you with materials produced by us for you in the event you engage the services of another practitioner and the materials are required by your new practitioner
10. Confidentiality
10.1 We have an ethical duty of confidentiality, which means we must not share or disclose your details of this TE to anyone, except as otherwise specified in this clause, without your consent unless required to by law.
10.2 We may disclose details and records of the services provided to you to CAANZ, (if requested) for the purposes of conducting a CPA Australia Best Practice Program assessment aimed at maintaining high industry professional standards. Any such disclosure of confidential information does not change any of our commitments to safeguard your information, and the information remains subject to any existing confidentiality obligations.
11. Professional Indemnity Insurance (PII)
11.1 We hold professional indemnity insurance of at least the minimum amount prescribed in the CAANZ By-Laws or as required by law.
10.1 We have an ethical duty of confidentiality, which means we must not share or disclose your details of this TE to anyone, except as otherwise specified in this clause, without your consent unless required to by law.
10.2 We may disclose details and records of the services provided to you to CAANZ, (if requested) for the purposes of conducting a CPA Australia Best Practice Program assessment aimed at maintaining high industry professional standards. Any such disclosure of confidential information does not change any of our commitments to safeguard your information, and the information remains subject to any existing confidentiality obligations.
11. Professional Indemnity Insurance (PII)
11.1 We hold professional indemnity insurance of at least the minimum amount prescribed in the CAANZ By-Laws or as required by law.
12. Professional Standards Scheme & Limitation of Liability
12.1 We participate in the CAANZ Professional Standards Scheme (Scheme), which facilitates the improvement of professional standards to protect consumers and may limit our liability to you in a cause of action.
Accordingly, we need to notify you of the following:
“Liability limited by a scheme approved under Professional Standards Legislation.”
If you want more information on the Scheme you can go to:
12.2 The Scheme applies to professional accounting services including accounting, bookkeeping, taxation, auditing and assurance, insolvency and corporate reconstruction, management accounting, management consulting, forensic accounting, valuation services. Alternatively, if you want to clarify anything in the TE please email us at admin@srperks.com.au
12.1 We participate in the CAANZ Professional Standards Scheme (Scheme), which facilitates the improvement of professional standards to protect consumers and may limit our liability to you in a cause of action.
Accordingly, we need to notify you of the following:
“Liability limited by a scheme approved under Professional Standards Legislation.”
If you want more information on the Scheme you can go to:
-
• CAANZ Professional Standards Scheme
or
• Professional Standards Councils’ website for additional consumer information.
12.2 The Scheme applies to professional accounting services including accounting, bookkeeping, taxation, auditing and assurance, insolvency and corporate reconstruction, management accounting, management consulting, forensic accounting, valuation services. Alternatively, if you want to clarify anything in the TE please email us at admin@srperks.com.au
