TERMS OF ENGAGEMENT BHW Limited
1. What we will do
1.1. We will compile financial statements in accordance with Service Engagement Standard No. 2 based on information provided by you. This work will be performed in accordance with Compilation of Financial Information (SES-2) issued by Chartered Accountants Australia and New Zealand.
1.2. The financial information will be prepared in accordance with New Zealand GAAP or applicable reporting frameworks and will be disclosed within the financial statements and referred to in our compilation report.
1.3. We will inform you of internal control weaknesses, errors, illegal acts or other irregularities, including without limitation, fraud, or non-compliance with laws or regulations.
1.4. We will store accounting records that we hold on your behalf for a period of 7 years after the applicable balance date.
1.5. We claim a lien over all books and records in our possession until all work has been performed and all fees rendered have been paid.
1.6. Work papers that we create will remain our property.
1.7. If, for any reason, we are unable to complete the compilation of your financial statements, or we consider the information to be misleading, we may refer to such matters within our compilation report or we may determine, at our sole discretion, not to issue a report.
1.8. We will not accept any responsibility to any person, other than you, for the contents of the financial information.
2. What we will NOT do
2.1. We will not audit, review, or otherwise attempt to verify the accuracy or completeness of such information.
2.2. We do not accept any responsibility for the accuracy and completeness of the accounting records and other information you supply to us.
2.3. We do not accept any responsibility for the reliability, accuracy and completeness of the financial information compiled on the basis of those records and information.
2.4. We also do not accept any responsibility for the maintenance of adequate accounting records, an adequate internal control structure and the selection and application of appropriate accounting policies within your organisation.
3. What you will do
3.1. You will provide us with accurate and complete information necessary to compile the financial statements.
3.2. You accept responsibility for all records and information supplied to us and you accept responsibility for any failure to supply us with all relevant records and information.
3.3. You accept responsibility for the payment of all income taxes.
3.4. It is your responsibility to ensure the footers on the financial statements and reference to us as accountants are not deleted from the statements or from our ‘report’ and ‘disclaimer’.
3.5. Uninformed readers could be misled unless they are aware of the possible limitations of the financial statements and our limited involvement.
3.6. The information you are to supply and any other information that we consider necessary to complete the engagement must be provided on a timely basis in order that the engagement can be completed on a timely basis.
3.7. You agree to indemnify and hold harmless this firm, its partners or directors, employees, and agents from and against any and all costs, expenses, losses, claims, demands, actions, suits, or proceedings paid, incurred, or suffered by, or made or initiated against, any of them by any third party arising out of, or in connection with, this engagement.
3.8. You confirm we have authority to communicate with and obtain information from any third party (including the Inland Revenue Department) if the information sought is relevant to our engagement.
3.9. You authorise our organisation to act as your agent for ACC levy purposes and also for all associated entities.
3.10.You also authorise us to act on behalf of yourself and other taxpayers identified as associated with this engagement.
3.11.You are solely responsible to users of the financial information we compile.