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Terms Of Engagement

Terms of Engagement
Legal
Non-Assurance Engagements
Terms of Engagement
This brochure, in electronic format, is to confirm our understanding of the terms of our
engagement and the nature and limitations of the services we will provide.
· Purpose, Scope and Out Put of the Engagement
The firm will provide Taxation, Accounting and Management services which will be
conducted in accordance with the relevant professional and ethical standards issued by the
Accounting Professional & Ethical Standards Board Limited (APESB), and if applicable other
appropriate legislation. The extent of our procedures will be limited exclusively for this
purpose. 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.
The engagement will include the operations and procedures of the Client as agreed.
Our professional services are conducted and if required, any appropriate documentation will
be prepared for distribution to the relevant specific organisation or party for the purpose
specified in the report or as agreed. We disclaim any assumption of responsibility for any
reliance on our professional services to any party other than as specified or agreed, and for
the purpose which it was prepared. Where appropriate, our report will contain a disclaimer
to this effect.
· Responsibilities
In conducting this engagement, information acquired by us in the course of the engagement
is subject to strict confidentiality requirements. That information will not be disclosed by us
to other parties except as required or allowed for by law, or with your express consent.
We wish to advise that our firm's system of quality control has been established and
maintained in accordance with the relevant APESB standard's. As a result, our files may be
subject to review as part of the quality control review program of Institute of Chartered
Accountants and Certified Practising Accountants 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 are responsible for the reliability, accuracy and completeness of the accounting
records, particulars and information provided and disclosure of all material and relevant
information. Clients are required to arrange for reasonable access by us to relevant
individuals and documents, and shall be responsible for both the completeness and accuracy
of the information supplied to us. Any advice given to the Client is only an opinion based on
our knowledge of the Client's particular circumstances.
In respect of taxation services we note a taxpayer is responsible under self assessment to
keep full and proper records in order to facilitate the preparation of a correct return. Whilst
the Commissioner of Taxation will accept claims made by a taxpayer in an income tax return
and issue a notice of assessment, usually without adjustment, the return may be subject to
Cowgill & Associates CPA's later review. Under the taxation law such a review may take place within a period of up to
five (5) years after tax becomes due and payable under the assessment. Furthermore,
where there is fraud or evasion there is no time limit on amending the assessment.
Accordingly, you should check the return before it is signed to ensure that the information in
the return is accurate.
Where the application of a taxation law to your particular circumstances is uncertain you
also have the right to request a private ruling which will set out the Commissioner's opinion
about the way a taxation law applies, or would apply, to you in those circumstances. You
must provide a description of all of the facts (with supporting documentation) that are
relevant to your scheme or circumstances in your private ruling application. If there is any
material difference between the facts set out in the ruling and what you actually do the
private ruling is ineffective.
If you rely on a private ruling you have received, the Commissioner must administer the law
in the way set out in the ruling, unless it is found to be incorrect and applying the law
correctly would lead to a better outcome for you. Where you disagree with the decision in
the private ruling, or the Commissioner fails to issue such a ruling, you can lodge an
objection against the ruling if it relates to income tax, fuel tax credit or fringe benefits tax.
Your time limits in lodging an objection will depend on whether you are issued an
assessment for the matter (or period) covered by the private ruling.
· Period of Engagement
This engagement will start upon acceptance of the terms of engagement by the Client in line
with this brochure. We will not deal with earlier periods unless the Client specifically asks us
to do so and we agree.
· Fees
The fee arrangement is based on the expected amount of time and the level of staff required
to complete the taxation, accounting and management services as agreed. This fee
arrangement may be subject to change if the following circumstances should occur:-
· Where information received was incorrect or incomplete
· You request additional services
Fee invoices will be issued in line with a billing schedule advised to the Client.
· Limitation of Liability
Our liability is limited by a scheme approved under Professional Standards Legislation.
Further information on the scheme is available from the Professional Standards Councils'
website: http://www.professionalstandardscouncil.gov.au.
· Ownership of Documents
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 various documents that are required
appropriate to the services requested. In certain circumstances this may include electronic
documents. 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.
Cowgill & Associates CPA's

 The firm has a policy of exploring a legal right of lien over any client documents in our
possession in the event of a dispute. The firm has also established dispute resolution
processes.
· Confirmation of Terms
Acceptance of our services in conjunction with this information brochure indicates that you
understand and accept the arrangements. This information will be effective for future
engagements unless we advise you of any change.

 

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