Massey Accounting Company

making your business less taxing

705 Bookkeeping

SCHEDULE OF SERVICES – (705) BOOKKEEPING

SCHEDULE OF SERVICES

This schedule should be read in conjunction with the engagement letter and the standard terms and conditions.

BOOKKEEPING SERVICES

Our service to you

You have engaged us to undertake bookkeeping services for you.

We will prepare from the information and explanations provided by you, your books of prime entry as follows:

  • Records of bank receipts and payments.
  • Records of cash receipts and payments.
  • Reconciliations of the bank and cash control accounts.
  • A record of sales.
  • A record of purchases.
  • An analysis of expenditure.
  • A reconciliation of the VAT account in accordance with the VAT scheme.
  • A record of amounts owed to the business.
  • A record of amounts owed by the business.
  • A list of accruals.
  • A list of prepayments.

We will discuss with you any assumptions that have been used.

Our responsibility to you

We have a professional duty to compile accounts that conform with generally accepted accounting principles. Where necessary we will inform you and suggest amendments be put through the accounts before being published. We have a professional responsibility not to allow our name to be associated with accounts that may be misleading. In extreme cases when this matter cannot be resolved, we will withdraw from the engagement and notify you in writing.

We have set out the agreed scope and objectives of your instructions within the letter of engagement. Any subsequent changes will be discussed with you and where appropriate a revised schedule of services will be agreed. We shall proceed on the basis of the instructions we have received from you and will rely on you to tell us as soon as possible if anything occurs which renders any information previously given to us as incorrect or inaccurate. We shall not be responsible for any failure to advise or comment on any matter that falls outside the specific scope of your instructions. We cannot accept any responsibility for any event, loss or situation unless it is one against which it is the expressed purpose of these instructions to provide protection.

In arriving at our conclusions, we will use our knowledge of the business. However, some of the issues that we will discuss, and therefore the conclusions drawn, will rely on the answers that you provide us with, which we may ask you to confirm to us in writing. We therefore accept no responsibility for losses incurred as a result of your actions or lack of actions on the records

We are bound by the ethical guidelines of ACCA and accept instructions to act for you on the basis that we will act in accordance with those ethical guidelines. A copy of these guidelines can be viewed at our offices on request or at http://www.accaglobal.com.

Your responsibility to us

You are responsible for providing us with the necessary information, assumptions and prime records for the preparation of the forecasts, including:

  1. Sales invoices.
  2. Purchase invoices.
  3. Bank statements.
  4. Details of bank and cash payments.
  5. Details of bank and cash receipts.
  6. Stock and work-in-progress details.
  7. Access to your accounting records.

We have also agreed that you will provide the following:

  1. Monthly/quarterly records of receipts and payments reconciling the bank control account with the bank statements.
  2. A record of the amounts owed to the business.
  3. A record of amounts owed by the business.
  4. A list of accruals.
  5. A list of prepayments.

The advice that we give can only be as good as the information on which it is based. In so far as that information is provided by you, or by third parties with your permission, your responsibility arises as soon as possible if any circumstances or facts alter, as any alteration may have a significant impact on the advice given. If the circumstances change therefore or your needs alter, advise us of the alteration as soon as possible in writing.

It is your responsibility to safeguard the assets of the business and for taking reasonable steps for the prevention and detection of fraud and other irregularities with an appropriate system of internal controls.

You are responsible for making available to us, as and when required, the business accounting records and all other relevant records and related information, [including minutes of management and shareholders’ meetings,] for the purpose of this engagement. You are responsible for providing us with the information and explanations necessary for the preparation of your accounting records.

You are responsible for checking and agreeing the validity of the assumptions that are used in the preparation of the records.

Limitation of liability

Our services as detailed above are subject to the limitations on our liability set out in the engagement letter and in our standard terms and conditions of business. These are important provisions, which you should read and consider carefully.

There are no third parties that we have agreed should be entitled to rely on the work done pursuant to this engagement letter.

Other services

You may request that we provide other services from time to time. For such work we will issue a separate letter of engagement and scope of work to be performed accordingly.

Because rules and regulations frequently change you must ask us to confirm any advice already given if a transaction is delayed or a similar transaction is to be undertaken.