SMSF PLACE

Registered Tax Agent

SMSF Audit Services

Phone 0411860494

Email admin@smsf.place

Updated 1 January 2022

Liability limited by a scheme approved under Professional Standards Legislation. SMSF.PLACE

SMSF.PLACE

TERMS OF ENGAGEMENT

1) These terms may not be varied without the express written consent of SMSF.PLACE

2) The Service provider is SMSF.PLACE

3) The Customer is the Client

4) Quality Control

5) The conduct of our services in accordance with Australian Accounting Standards means that information acquired by us in the course of our services is subject to strict confidentiality requirements. Information will not be disclosed by us to other parties except as required or allowed for by law or professional standards, or with your express consent. Our accounting services files may, however, be subject to review as part of the quality control review program of CPA Australia which monitors compliance with professional standards by its members. The supplier advise you that by signing this letter you acknowledge that, if requested, our accounting services files relating to this accounting services will be made available under this program. Should this occur, The supplier will advise you. The same strict confidentiality requirements apply under this program as apply to us as your auditor.

5.5 During the course of our engagement, if we identify or suspect that Non-Compliance with Laws or Regulations (NOCLAR) has occurred or may occur, which may have a direct effect on material amounts or disclosures in the financial statements or compliance and may be fundamental to <insert client’s name>’s ability to continue its business or to avoid material penalty, we may:

5.5.1 discuss the matter with the appropriate level of management, those charged with governance or the internal auditor, as appropriate

5.5.2 communicate the non-compliance or suspected non-compliance with <insert client’s name>’s external auditor, unless prohibited by law or regulation

5.5.3 disclose the matter to an appropriate authority even when there is no legal or regulatory requirement to do so; and/or

5.5.4 withdraw from the engagement and the professional relationship where permitted by law or regulation

5.6 Where appropriate we will inform you of our intention to disclose the matter to an appropriate authority before disclosing the matter. However, if we have reason to believe that the actual or intended conduct would constitute an imminent breach of a law or regulation that would cause substantial harm to the general public, we may immediately disclose the matter to an appropriate authority in order to prevent or mitigate the consequences of such imminent breach of law or regulation.

6) Fees

7) The supplier look forward to full co-operation with yourselves and The supplier trust that you will make available any records, documentation and other information required in connection with our audit. Our accounting services may also involve correspondence with the fund’s Actuary and Administrator if applicable, and the use of their work and expertise.

8) Our fees, which will be billed as work progresses, are based on the time required by the individuals assigned to the engagement plus direct out of pocket expenses.

9) Indemnity

10) In consideration for the acceptance of the accounting services engagement by the accounting services client and the members thereof jointly and severally indemnify the accountant SMSF.PLACE (and its officers, employees, associates, next of kin, heirs and assigns) from all losses arising from the conduct of the accounting services of the Client.

11) The client waives and releases the accounting services from all liability and assumes all risk arising from the accounting services of the fund.

12) Such losses include but are not limited to tax liabilities, tax penalties, statutory penalties, capital losses, income losses, losses arising from misadventure, fraud and bad investment, losses arising from any representation made to the accounting services by the trustee and or his/her agents and representatives, losses arising from any breach of duty of the fund’s trustee, losses arising from any circumstance that was known to the trustee and or the beneficiary (ies) of the fund at the time the audit report was signed, losses arising from court orders which vest all or any part of the assets and or income of the fund in any party whether or not they are named as a beneficiary in the financial accounts of the fund, loss of enjoyment of the fund’s assets resulting from court injunction(s) over the assets and income of the fund, losses arising from any other court orders, losses arising from error or misstatement in the financial reports and tax return of the fund, costs and expenses arising from any proceedings that the accounting services is made a party to, costs and expenses arising from any proceedings where the accounting services is called as a witness.

13) Agreement

14) Binding Effect; Duration and Scope of Agreement. This Agreement is binding upon the parties and their respective successors and assigns (including any direct or indirect successor) their spouses, heirs and personal and legal representatives. This Agreement shall be deemed to be effective as of the date of execution.

15) Severability. If any provision (or provisions) of this Agreement (or any portion thereof) shall be held to be invalid, illegal or unenforceable for any reason whatsoever:

(a) the validity, legality and enforceability of the remaining provisions of this Agreement shall not in any way be affected or impaired thereby; and

(b) to the fullest extent legally possible, the provisions of this Agreement shall be construed so as to give effect to the intent of any provision held invalid, illegal or unenforceable.

16) Governing Law. This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of Victoria,

17) Consent to Jurisdiction. The Client and Supplier each irrevocably consent to the jurisdiction of the courts of the State of Victoria for all purposes in connection with any action or proceeding that arises out of or relates to this Agreement and agree that any action instituted under this Agreement shall be brought only in the state courts of the State of Victoria.

18) This letter will be effective for the current financial year and future years unless either party advises a termination of the arrangement in writing.

19) Please note The supplier are not engaged to provide any financial advice and none will be provided other than advice that is within the company's scope of license.

20) Unless specifically provided for in the engagement contract the engagement does not include advice to the trustee about whether :

• The members should operate a SMSF.

• should chose to make or dispose of any particular investment;

• should rollover super funds from one product to another SMSF or other fund,

• should contribute to a fund;

• administration of the fund;

• members have sufficient time and skill to administer a SMSF;

• members have adequate insurance cover;

• there are and government protections against fraud, theft or disputes in the fund;

• there is recourse to the superannuation complaints tribunal to resolve any dispute

• the advantages and disadvantages of the SMSF.

21) Termination of this agreement

22) You may terminate this agreement by notifying us in writign at any time.

23) If you do this you must pay our costs in fulfilling any statutory duty as yet unperformed.

24) The supplier may hold back in the performance of a duty where the client has not paid for the costs of performing that duty.

25) The supplier agrees the minimum service necessary to compile data in the manner requested by the client. The terms of engagement specifically exclude all general advice, strategic advice, structural advice and advice about tax or business planning and the likely impact of alternative strategies unless such advice was expressly engaged in writing.

26) Privacy

27) SMSF.PLACE will take the utmost care of your personal information

28) The supplier may need to store your information in the cloud which may be located in a foreign jurisdiction

29) The supplier may need to transmit your information by email which may cross foreign jurisdictions.

30) It may be expedient for SMSF.PLACE to engage contractors on foreign jurisdictions in the performance of our duties. This may necessitate the provision of your private information to a foreign entity.

31) The supplier will not sell or forward your information to any unrelated third party except as may be necessary in the event that the practice sells a parcel of fees or the practice as a whole.

32) The supplier may be required by duty and or law to forward your information to various authorities including the Australian tax Office.

33) The supplier may need to pass your information to auditors, actuaries solicitors or other professionals in the course of our engagement.

34) The supplier may need to store your information on computer.

37) The supplier will take reasonable precautions to protect your information including appropriate controls over the computer system and physical destruction of documentation.

38) The client expressly consents to SMSF.PLACE releasing any information in relation to unpaid services and the account history thereto to any credit reporting agency and or debt collection agency.

38a) If you have a complaint about privacy you may refer to our complaints handling policy.

35) Clients agree to:

i. Provide truthful and accurate information

ii. Respond to requests for information in a timely manner

iii. Inform SMSF.PLACE of any changes in facts or circumstances that might be affecting the engagement.

iv. Check any reports or accuracy and completeness

v. Provide office space and resources necessary o the completion of the engagement

vi. Pay for any time incurred tin the preparation o engagement documentation delays to the engagement caused by the client.

vii. Provide all books and records at least 7 days prior to report due date. The supplier is not responsible for preparing reports where any pertinent document has not been provided by the client.

36) SMSF.PLACE cannot be held liable for the client's non compliance with any data security and privacy legislation.

37) I SMSF.PLACE is required to carry out any services pursuant to statutory duties or professional standards the client is liable to pay the costs o those services.

38) SMSF.PLACE working papers remain the property of SMSF.PLACE. Working papers are not provided to clients.

39) SMSF.PLACE resaves the rights to all intellectual property and procedures.

40) Reproduction of reports, documents, computer programs and worksheets by the client is expressly prohibited.

41) The client is required to pay all debts within 7 days o invoice date.

42) Payment of account

43) In the event that a client defaults on payment o a debt the client is liable or statutory interest from the date that the account became due.

44) A defaulting client is liable to pay all legal and collection costs.

45) The supplier may record telecommunications.

46) The service provider must be notified in writing of disputes within 60 days of the dispatch of documents.

47) Notices of dispute does not exempt the client from tier obligation to settle their account.

48) Where a client has been requested to make an advance payment work will not commence until that payment is received.

49) The client cannot terminate the contract on the basis of late performance unless the work has not been performed for an unreasonable period.

50) The client and the provider may terminate the agreement at any time by mutual agreement.

51) If our account is in arrears or requested funds have not been forwarded The supplier may stop work until paid.

52) The supplier retain the right to keep your documents until the supplier is paid.

53) Severability. If any clause or term of this agreement is varied by the mutual consent of the supplier and client, or by any order of a court, then the remaining terms of the agreement are valid.

54) Complaints Procedure

If you wish to lodge a complaint about any financial services provided

you may:

1 Speak to your advisor about your concerns.

2 If the complaint is not resolved within 30 days please write to:

Compliance and Professional Standards Manager

SMSF.PLACE

PO Box 595

Laverton Vic 3028

The Compliance and Professional Standards Manager will make every endeavour to resolve the matter.

3. If you are not satisfied with our treatment of your complaint after 30 days you may refer the matter to the SMSF.PLACE Practice Manager.

The SMSF.PLACE Practice Manager will make every endeavour to resolve the matter.

4. If after 30 days from notifying the Practice Manager you are still are not satisfied with the outcome of the complaint process, you can elect to refer the matter, to an external dispute resolution service.

You may write to the Compliance and Professional Standards Manager to obtain the contact details of the appropriate external dispute resolution body.

SMSF.PLACE

Schedule of charges
All prices quoted ex GST
Time Charges

Admin/Secretary	80
Junior Accountants	120
Intermediate 1	150
Intermediate 2	180
Senior 1	200
Senior 2	250
Manager	350
Partner	550
Senior Partner	750

Time is charged in units increments with each unit being one tenth of an hour. The minim time charge is 2 units.

Outgoings Minimum Charges
Photocopying first page	11
Photocopying per page	2.2
Letter D5	5
Letter A4	20
Facsimile and email (Send or receive )l First page	11
Facsimile and email (Send or receive ) subsequent pages	2.2
Perusing documents per folio(1)	16
Recovery of file from archive	35



(1) A folio is 100 words.
Disbursement, travel and out of pocket expenses charged in addition to above.

SMSF.PLACE may at it s discretion discontinue work indefinitely if the client

1. does not respond to any request for information within 30 days of written notice,

2. fails to remit an account on by its due date

3. or otherwise neglects to perform a duty under this engagement contract within 30 days of written notice. The client will be liable for all outstanding fees and outgoings.

Our obligations
1. Relevant obligation in accordance with the agreed scope of work.
2. We are obliged to consider whether our clients create any threats to compliance with our Fundamental Principles and where we cannot reduce the risk to an acceptable level we are obliged to cease the TE under the Code (section 320) to decline or cease the client engagement.
3. We have a duty to act in your best interests, unless this duty is inconsistent with our duty to act in the public interest.
4. We are responsible for maintaining records for a period of <insert at least five-year period> unless otherwise required by legislation.

During the course of our engagement, if we identify or suspect that Non-Compliance with Laws or Regulations (NOCLAR) has occurred or may occur, which may have a direct effect on material amounts or disclosures in the financial statements or compliance and may be fundamental to <insert client’s name>’s ability to continue its business or to avoid material penalty, we may:
1. discuss the matter with the appropriate level of management, those charged with governance or the internal auditor, as appropriate
2. communicate the non-compliance or suspected non-compliance with <insert client’s name>’s external auditor, unless prohibited by law or regulation
3. disclose the matter to an appropriate authority even when there is no legal or regulatory requirement to do so; and/or
4. withdraw from the engagement and the professional relationship where permitted by law or regulation

Where appropriate we will inform you of our intention to disclose the matter to an appropriate authority before disclosing the matter. However, if we have reason to believe that the actual or intended conduct would constitute an imminent breach of a law or regulation that would cause substantial harm to the general public, we may immediately disclose the matter to an appropriate authority in order to prevent or mitigate the consequences of such imminent breach of law or regulation.

Your obligations

Relevant obligation in accordance with the agreed scope of work.
You are responsible for full disclosure of all relevant information.
You are responsible for your own record keeping relating to your affairs.
You provide us with <insert details of information or paperwork provided> records relating to your affairs.
You are responsible for the reliability, accuracy and completeness of the particulars and information provided to us.
You are responsible for retaining paperwork for as long as legally required.

Our responsibilities (or Auditor’s responsibilities)
1. We will conduct our audit in accordance with Australian Auditing Standards and the Accounting Professional and Ethical Standards APES 210 Conformity with Australian Auditing Standards. Those standards require that we comply with ethical requirements under APES 110 Code of Ethics for Professional Accountants (including Independence standards).
2. As part of an audit in accordance with Australian Auditing Standards, we exercise professional judgement and maintain professional scepticism throughout the audit.
3. We also:

Identify and assess the risks of material misstatement of the financial report, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. However, we will communicate to you in writing concerning any significant deficiencies in internal control relevant to the audit of the financial report that we have identified during the audit.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the entity’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial report or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the entity to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial report, including the disclosures, and whether the financial report represents the underlying transactions and events in a manner that achieves fair presentation.

Because of the inherent limitations of an audit, together with the inherent limitations of internal control, there is an unavoidable risk that some material misstatements may not be detected, even though the audit is properly planned and performed in accordance with Australian Auditing Standards.

During the course of our engagement, if we identify or suspect that Non-Compliance with Laws or Regulations (NOCLAR) has occurred or may occur, which may have a direct effect on material amounts or disclosures in the financial statements or compliance and may be fundamental to <insert client’s name>’s ability to continue its business or to avoid material penalty, we may:
1. discuss the matter with the appropriate level of management, those charged with governance or the internal auditor, as appropriate
2. communicate the non-compliance or suspected non-compliance with <insert client’s name>’s external auditor, unless prohibited by law or regulation
3. disclose the matter to an appropriate authority even when there is no legal or regulatory requirement to do so; and/or
4. withdraw from the engagement and the professional relationship where permitted by law or regulation
Where appropriate we will inform you of our intention to disclose the matter to an appropriate authority before disclosing the matter. However, if we have reason to believe that the actual or intended conduct would constitute an imminent breach of a law or regulation that would cause substantial harm to the general public, we may immediately disclose the matter to an appropriate authority in order to prevent or mitigate the consequences of such imminent breach of law or regulation.
Any information pertaining to your affairs, whether it be provided by you, or through a Trusted Adviser Insight via the CDR, will be utilised and stored in an appropriate manner to maintain our professional standards and obligations. Further information on privacy is noted at section 9 of this letter.

Your responsibilities (or Management’s responsibilities)
1. Our audit will be conducted on the basis that [management and, where appropriate, those charged with governance] acknowledge and understand that they have responsibility:

For the preparation of the financial report that gives a true and fair view in accordance with < Australian Accounting Standards to the extent described in Note X, the basis of preparation to the financial report, that is appropriate to meet the requirements of the Australian Charities and Not-for-profits Commission Act 2012 (ACNC Act)- to modify as necessary>;
For such internal control as [management] determines is necessary to enable the preparation of the financial report that is free from material misstatement, whether due to fraud or error; and
To provide us with:
1. Access to all information of which the directors and management are aware that is relevant to the preparation of the financial report such as records, documentation and other matters;
2. Additional information that we may request from the directors and management for the purpose of the audit;
3. Unrestricted access to persons within the entity from whom we determine it necessary to obtain audit evidence; and
4. [Where applicable, in respect of other information:
  You will inform us of all the documents that you expect to issue that may comprise other information;

If the other information is to be provided prior to the auditor’s report date: [The financial report and any other information you may obtain prior to the date of your auditor’s report will be consistent with one another, and the other information will not contain any material misstatements;] or

If the other information will not be provided prior to the auditor’s report date: [With regard to any other information that you may not obtain prior to the date of the auditor’s report, that we intend to prepare and issue will provided to you by [insert date] to enable you to complete your required procedures.]]

As part of our audit process, we will request from [management and, where appropriate, those charged with governance], written confirmation concerning representations made to us in connection with the audit.

Reporting
1. We will issue a written report upon completion of our audit of <insert entity name>’s financial statements. Our report will be addressed to the board of directors of <insert entity name>. We cannot provide assurance that an unmodified opinion will be expressed. The form and content of our report may need to be amended in the light of our audit findings. Circumstances may arise in which it is necessary for us to modify our opinion, add an emphasis-of-matter or other-matter paragraph(s), or withdraw from the engagement.

We also will issue a written report on [Insert appropriate reference to other auditor’s reports expected to be issued.] upon completion of our audit.

The responsibilities of the auditor
1. We will conduct our financial audit in accordance with Australian Auditing Standards and our compliance engagement in accordance with applicable Standards on Assurance Engagements, issued by the Auditing and Assurance Standards Board (AUASB) and with and the Accounting Professionals and Ethical Standards APES 210 Conformity with Auditing and Assurance Standards. These standards require that we comply with relevant ethical requirements relating to audit and assurance engagements and plan and perform the audit to obtain reasonable assurance whether the financial report is free from material misstatement and that you have complied, in all material respects, with the specified requirements of the SISA and SISR.
2. The annual audit of the financial reports and records of the Fund must be carried out during and after the end of each year of income. In accordance with section 35C of the SISA, we are required to provide to the trustees of the Fund an auditor’s report in the approved form within the prescribed time as set out in the SISR, 28 days after the trustees have provided all documents relevant to the preparation of the auditor’s report.
3. Financial audit
  A financial audit involves performing audit procedures to obtain audit evidence about the amounts and disclosures in the financial report. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial report, whether due to fraud or error. A financial audit also includes evaluating the appropriateness of the financial reporting framework, accounting policies used and the reasonableness of accounting estimates made by the trustees, as well as evaluating the overall presentation of the financial report. Due to the test nature and other inherent limitations of an audit, together with the inherent limitations of any accounting and internal control system, there is an unavoidable risk that even some material misstatements may remain undiscovered.
  In making our risk assessments, we consider internal controls relevant to the Fund’s preparation of the financial report in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal controls. However, we expect to provide you with a separate letter concerning any significant deficiencies in the Fund’s system of accounting and internal controls that come to our attention during the audit of the financial report. This will be in the form of a letter to the trustee.
4. Compliance engagement
  A compliance engagement involves performing audit procedures to obtain audit evidence about the Fund’s compliance with the provisions of the SISA and SISR specified in the ATO’s approved form auditor’s report.
  Our compliance engagement with respect to investments includes determining whether the investments are made for the sole purpose of funding members’ retirement, death or disability benefits and whether you have an investment strategy for the Fund, which has been reviewed regularly and gives due consideration to risk, return, liquidity, diversification and the insurance needs of members. Our procedures will include testing whether the investments are made for the allowable purposes in accordance with the investment strategy, but not for the purpose of assessing the appropriateness of those investments to the members.
5. During the course of our engagement, if we identify or suspect that Non-Compliance with Laws or Regulations (NOCLAR) has occurred or may occur, which may have a direct effect on material amounts or disclosures in the financial statements or compliance and may be fundamental to <insert client’s name>’s ability to continue its business or to avoid material penalty, we may will:

discuss the matter with the appropriate level of management, those charged with governance or the internal auditor, as appropriate
communicate the non-compliance or suspected non-compliance with <insert client’s name>’s external auditor, unless prohibited by law or regulation
disclose the matter to an appropriate authority even when there is no legal or regulatory requirement to do so; and/or
withdraw from the engagement and the professional relationship where permitted by law or regulation

Where appropriate we will inform you of our intention to disclose the matter to an appropriate authority before disclosing the matter. However, if we have reason to believe that the actual or intended conduct would constitute an imminent breach of a law or regulation that would cause substantial harm to the general public, we may immediately disclose the matter to an appropriate authority in order to prevent or mitigate the consequences of such imminent breach of law or regulation.
Any information pertaining to your affairs, whether it be provided by you, or through a Trusted Adviser Insight via the CDR, will be utilised and stored in an appropriate manner to maintain our professional standards and obligations. Further information on privacy is noted at section 10 of this letter.

The responsibilities of the trustees

We take this opportunity to remind you that it is the responsibility of the trustees to ensure that the Fund, at all times, complies with the SISA and SISR as well as any other legislation relevant to the Fund. The trustees are also responsible for the preparation and fair presentation of the financial report.
Our auditor’s report will explain that the trustees are responsible for the preparation and the fair presentation of the financial report and for determining that the accounting policies used are consistent with the financial reporting requirements of the SMSF’s governing rules, comply with the requirements of SISA and SISR and are appropriate to meet the needs of the members. This responsibility includes:

Establishing and maintaining controls relevant to the preparation of a financial report that is free from misstatement, whether due to fraud or error. The system of accounting and internal control should be adequate in ensuring that all transactions are recorded and that the recorded transactions are valid, accurate, authorised, properly classified and promptly recorded, so as to facilitate the preparation of reliable financial information. This responsibility to maintain adequate internal controls also extends to the Fund’s compliance with SIS including any Circulars and Guidelines issued by a relevant regulator to the extent applicable. The internal controls should be sufficient to prevent and/or detect material non-compliance with such legislative requirements;
Selecting and applying appropriate accounting policies;
Making accounting estimates that are reasonable in the circumstances; and

Making available to us all the books of the Fund, including any registers and general documents, minutes and other relevant papers of all Trustee meetings and giving us any information, explanations and assistance, we require for the purposes of our audit. Section 35C(2) of SISA requires that Trustees must give to the auditor any document, relevant to the conduct of the audit, that the auditor requests in writing within 14 days of the request.1
As part of our audit process, we will request from the trustees written confirmation concerning representations made to us in connection with the audit.

Reporting

Our audit report is prepared for the members of the Fund and we disclaim any assumption of responsibility for any reliance on our report, or on the financial report to which it relates, to any person other than the members of the Fund, or for any purpose other than that for which it was prepared.
Report on matters identified

Under section 129 of the SISA, we are required to report to you in writing, if during the course of, or in connection with, our audit, we become aware of any contravention of the SISA or SISR which we believe has occurred, is occurring or may occur. Furthermore, you should be aware that we are also required to notify the ATO of certain contraventions of the SISA and SISR that we become aware of during the audit, which meet the tests stipulated by the ATO, irrespective of the materiality of the contravention or action taken by the trustees to rectify the matter. Finally, under section 130, we are required to report to you and the ATO if we believe the financial position of the Fund may be or may be about to become unsatisfactory.

You should not assume that any matters reported to you, or that a report that there are no matters to be communicated, indicates that there are no additional matters, or matters that you should be aware of in meeting your responsibilities. The completed audit report may be provided to you as a signed hard copy or a signed electronic version

Independence

We confirm that, to the best of our knowledge and belief, the engagement team meets the current independence requirements of the SISA and SISR including APES 110 Code of Ethics for Professional Accountants in relation to the audit of the Fund. In conducting our financial audit and compliance engagement, should we become aware that we have contravened the independence requirements, we shall notify you on a timely basis.

Third Party Involvement
1. We may from time to time engage third party specialist professionals and other public practitioners, where warranted to obtain the advice you need or to assist us to provide our service to you. These may include cloud service providers and outsourced service providers.
2. We will seek your consent if third party involvement is likely to exceed the fixed price (if applicable).
3. We have outsourcing arrangements with <insert the third party> in <insert location> whom we engage from time to time to assist us. The nature and extent of the services that we utilise are as follows:<insert the relevant activities>.
4. Acceptance of our services in conjunction with this engagement document indicates your acceptance of the use of outsourced services as described above.

Administration, Fees and Billings
1. Our professional fees will be calculated on a <delete as appropriate <fixed fee> <time-cost basis>>, which will be specified in <insert document>. If no method is specified, our fees will be calculated on a time-cost basis at a rate of <insert rate including GST> per hour.
2. Our invoices may also include disbursements paid by us. These may include photocopying charges, telephone and facsimile transmission charges, travel fares and expenses, stamp duty and fees paid to third parties such as couriers, registration fees or fees for other professionals. These may be in addition to the fixed price (if applicable).
3. Unless other payment terms are agreed, each invoice is payable within 7 days of receipt.
4. If the engagement involves the use of trust monies, we will manage those funds in accordance with APES 310 Client Monies and as authorised by you in the Trust Account Authority Letter (if applicable) or as otherwise instructed by you.

1 If the Fund is a reporting entity this sentence requires amendment to read: ‘Our auditor’s report will explain that the trustees are responsible for the preparation and the fair presentation of the financial report in accordance with Australian Accounting Standards’.

Our obligations

5.1 We are obliged to consider whether our clients create any threats to compliance with our Fundamental Principles and where we cannot reduce the risk to an acceptable level we are obliged to cease the TE under the Code (section 320) to decline or cease the client engagement.

5.2 We have a duty to act in your best interests, unless this duty is inconsistent with our duty to act in the public interest.

5.3 We will inform you:

of your (or your employer’s) rights and obligations available under taxation law, including any rights that might be available to seek a private ruling and the lodging of objections and appeals against adverse positions adopted by revenue authorities
of any possible penalties and other legal tax consequences to enable you to make an informed decision.

5.4 We are responsible for maintaining records for a period of <insert at least five-year period> unless otherwise required by legislation.

During the course of our engagement, if we identify or suspect that Non-Compliance with Laws or Regulations (NOCLAR) has occurred or may occur, which may have a direct effect on material amounts or disclosures in the financial statements or compliance and may be fundamental to <insert client’s name>’s ability to continue its business or to avoid material penalty, we may:
1. discuss the matter with the appropriate level of management, those charged with governance or the internal auditor, as appropriate
2. communicate the non-compliance or suspected non-compliance with <insert client’s name>’s external auditor, unless prohibited by law or regulation
3. disclose the matter to an appropriate authority even when there is no legal or regulatory requirement to do so; and/or
4. withdraw from the engagement and the professional relationship where permitted by law or regulation
Where appropriate we will inform you of our intention to disclose the matter to an appropriate authority before disclosing the matter. However, if we have reason to believe that the actual or intended conduct would constitute an imminent breach of a law or regulation that would cause substantial harm to the general public, we may immediately disclose the matter to an appropriate authority in order to prevent or mitigate the consequences of such imminent breach of law or regulation.

Your obligations

6.1 You are responsible for full disclosure of all relevant information.

6.2 You are responsible for your own record keeping relating to your affairs.

6.3 You provide us with <insert details of information or paperwork provided> records relating to your affairs.

6.4 You are responsible for the reliability, accuracy and completeness of the particulars and information provided to us, and, if the TE includes financial reporting, the accounting records and disclosures of all material and relevant information provided to us. Accordingly, any advice given to you is only an opinion based on our knowledge or your particular circumstances.

6.5 You are responsible for retaining paperwork for as long as legally required.

6.6 You have obligations under self-assessment to keep full and proper records in order to facilitate the preparation of accurate returns.

6.7 You must retain paperwork for a period of five years after the assessment as you may be subject to an Australian Taxation Office review.

6.8 You are responsible for checking the assessment before submission to ensure accuracy.

Third Party Involvement

7.1 We may from time to time engage third party specialist professionals and other public practitioners, where warranted to obtain the advice you need or to assist us to provide our service to you. These may include cloud service providers and outsourced service providers.

7.2 We will seek your consent if third party involvement is likely to exceed the fixed price (if applicable).

7.3 We have outsourcing arrangements with <insert the third party> in <insert location> whom we engage from time to time to assist us. The nature and extent of the services that we utilise are as follows:<insert the relevant activities>

Acceptance of our services in conjunction with this engagement document indicates your acceptance of the use of outsourced services as described above.

8. Fees, Billing & Trust Monies

8.1 If the engagement involves the use of trust monies, we will manage those funds in accordance with APES 310 Client Monies and as authorised by you in the Trust Account Authority Letter (if applicable) or as otherwise instructed by you.

8.2 Our professional fees will be calculated on a <delete as appropriate <fixed fee> <time-cost basis>>, which will be specified in the letter of engagement. If no method is specified, our fees will be calculated on a time-cost basis at a rate of <insert rate including GST> per hour.

8.3 Our invoices may also include disbursements paid by us. These may include photocopying charges, telephone and facsimile transmission charges, travel fares and expenses, stamp duty and fees paid to third parties such as couriers, registration fees or fees for other professionals. These may be in addition to the fixed price (if applicable).

8.4 Unless other payment terms are agreed, each invoice is payable within 7 days of receipt.