Terms of Engagement

Our Core Values

Our Core Values provide us with a framework for leadership and daily decisions, and help us enjoy our time at work and to enhance our client
experience. The following define what’s important to us at YHPJ :

Nurture – Make people feel special
Enhance – Embrace change, make it better
Enjoy – Be positive, have fun
Deliver – Get things done, do them well
Inspire – Have passion and pride
Trust – Show respect, integrity, support

Our Commitment to You

• We’re committed to helping you to the best of our ability, working with you to make fully informed decisions which are best for you and your business
• We want you to see the value in the services we provide you
• We won’t recommend services unless we truly believe you will receive more value than the price you pay
• We value our relationship with you and want you to feel confident that you can reach out to us with any questions you have

How You Can Help Us

• We expect you to provide us with any information we need in a timely manner, and to the best of your abilities
• If you need help to get your information in order, let us know so we can assist you – it will save you time and money in the future
• We may send you pre-work to complete prior to some of our meetings which we expect you to complete by the required date and to the best of your abilities; the more time you spend thinking about the answers to our questions, the more value you’ll get from our meeting
• We’re obligated by law to undertake certain identity checks and we expect you to provide this information upon request
• We’ll recommend you have processes in place to ensure you get paid on time; please respect our firm’s processes and ensure payments are made on time

Independence

• When we conduct a compilation engagement (eg prepare financial statements) we are not required to be independent.
• If we are aware that we are not independent, this fact will be stated in our report. We will not conduct a comprehensive review to determine whether we are, or are not, independent
• We won’t be held liable for any loss, damage, or cost arising from our compliance with statutory or regulatory obligations

Disbursements

• You’re liable to reimburse us for certain costs we’re required to pay on your behalf

Extent of Services

• We don’t accept responsibility for the accuracy and completeness of accounting records and other information you supply to us, or for the reliability, accuracy, and completeness of the financial information compiled on the basis of those records and information
• We also don’t 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
• You’re solely responsible to users of the financial information we compile
• The information you supply must be provided on a timely basis
• Our engagement doesn’t include the investigation or discovery of internal control weaknesses, errors, illegal acts, or other irregularities, including without limitation, fraud, or non-compliance with laws or
  regulations. However, we will inform you of any such matters which come to our attention during the course of our engagement
• If we’re unable to complete 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

Fees and Payment Terms

• Fees for our services will be charged by one of the following methods:

➢ At time and cost based on the complexity of the assignment: or
➢ As a fixed fee

• Fees will be payable in one of the following ways:

➢ Upon completion of the work
➢ Through a service plan (an agreed level paid monthly)
➢ On an interim basis throughout the work undertaken
➢ On an “up front” basis

• Our standard payment terms are 14 days from date of invoice
• Interest of 1.5% per month may be charged on a cumulative basis on overdue sums. Any collection or legal costs incurred will be added to the amount owing
• Any outstanding debts will be pursued in line with our debtors’ policy

Information and Disclosure

• The conduct of this engagement is in accordance with the professional standards, rules and ethical requirements of the Chartered Accountants Australia and New Zealand
• We won’t be held liable for any loss, damage, or cost arising from our compliance with statutory or regulatory obligations, copies of which are available
  in our offices
• However, as members of the Chartered Accountants Australia and New Zealand, we are subject to, and bound by, the disciplinary procedures and rules of the Institute, and our work and files are subject to the practice review rules of the Institute under which
  compliance with professional standards by members is monitored
• These procedures and rules require us to disclose to the Institute, its reviewers, and/or its disciplinary bodies, our files and work papers including client
  information. By allowing us to undertake this engagement (whether or not you sign this letter), you acknowledge that, if requested, our files relating to
  this engagement will be made available to the Institute, its reviewers, and/or its disciplinary bodies
• We assure you that the same ethical standards regarding confidentiality that we adhere to apply equally to the Institute’s reviewers

Retention of Records

• We will store accounting records that we hold on your behalf for a period of 7 years after the applicable balance date
• At the end of that period, unless you write requesting they be forwarded to you, the records will be destroyed using a secure document destruction method

Use & Distribution of Financial Information

• We understand that the intended use and distribution\ of the financial statements is for the purposes of completing your tax return, so if this should change you must notify us immediately
• We will not accept any responsibility to any person, other than you, for the contents of the financial information

Work Papers

• Material you provide us remains yours and will be returned to you when the engagement is completed
• Work papers that we create will remain our property
• At the end of that period, unless you ask us to send that information to you, the records will be destroyed using a secure document destruction method

Annual Accounts – Mutual Expectations

Your Invoices and Documents

• If you use Xero, you need to upload all significant invoices and documents relating to bank transactions to your Xero accounting file

The Annual Questionnaire

• We’ll send you an electronic Annual Accounts questionnaire at the end of your financial year
• Please complete and submit within 30 days

Your Account Manager

• You will be allocated an Account Manager who will look after your day to day queries and will be your first point of contact
• Your account manager or one of our Client Service Assistants will request documents required to prepare your financial statements

Work Commences

• When we have all the required information, we’ll start work on your Annual Accounts

Queries Resolved

• We’ll get in touch if we have any queries
• Please respond to these queries within 48 hours

The Annual Accounts Sign off Process

• We’ll either send your documents by post or e-mail or schedule a meeting after drafting your Annual Accounts

Compilation Report

• A compilation report and disclaimer will appear on the financial information we prepare. An example can be found below