- You have undertaken to make available to us, all the accounting records and related financial information necessary for the compilation of the accounts. You will make full disclosure to us of all relevant information. The accounts need to be approved by you before we are able to issue our report.
- You are responsible for ensuring that, to the best of your knowledge and belief, financial information, whether used by the business or for the accounts, is reliable. You are also responsible for ensuring that the activities of the business are conducted honestly, that its assets are safeguarded, and to establish arrangements to deter fraudulent or other dishonest conduct and to detect any that occur.
- You are responsible for ensuring that the business complies with the laws and regulations applicable to its activities, to establish arrangements designed to prevent any non-compliance and to detect any that occur.
Responsibilities of the Accountants
- We shall compile the annual accounts based on the accounting records maintained and the information and explanations given to us by you. We shall compile draft annual accounts for your approval. We shall plan our work on the basis that no report is required by statute or regulation for the year, unless you inform us in writing to the contrary.
- Our work as the compilers of the annual accounts will not be an audit of the accounts accordance with Auditing Standards. Consequently our work will not provide any assurance that the accounting records or the accounts are free from material misstatement, whether caused by fraud, other irregularities or error.
- We shall report, with any variations that we consider may be necessary, that in accordance with your instructions, we have compiled the accounts from the accounting records of the business and from the information and explanations supplied to us.
- We have a professional duty to compile accounts which conform to generally accepted accounting principles. Where we identify that the accounts do not conform to accepted accounting principles, or if the accounting policies adopted are not immediately apparent, we will report this to you.
- As part of our normal procedures we may request you to provide written confirmation of any information or explanations given to us orally during the course of our work.