Your responsibility for the preparation of accounts

1.      You have undertaken to make available to us, as and when required, 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.

2.      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 and that its assets are safeguarded, and for establishing arrangements designed to deter fraudulent or other dishonest conduct and to detect any that occur.

3.      You are responsible for ensuring that the business complies with the laws and regulations applicable to its activities, and for establishing arrangements designed to prevent any non-compliance with laws and regulations and to detect any that occur.

Our responsibilities for the preparation of accounts

1.      We will compile your annual accounts based on the accounting records [maintained by you] and the information and explanations given to us by you.  We shall prepare draft annual accounts for your approval.

2.      We will advise you as to the adequacy of your records for preparation of the annual accounts and make recommendations for improvements which we consider necessary.  We shall not be responsible if, as a result of you not taking our advice, you incur losses or penalties.

3.      We will use reasonable skill and care in the preparation of your accounts but will not be responsible for errors arising from incorrect information supplied by you.

4.      We will report, with any variations that we consider may be necessary, that in accordance with your instructions and in order to assist you to fulfil your responsibilities, we have compiled, without carrying out an audit, the accounts from your accounting records and from the information and explanations supplied to us.

5.      We have a professional duty to compile accounts which conform with 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, this will be made clear in our report, if it is not clear in the accounts.

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