JMV Limited (JMV) will compile your financial statements and/or taxation returns, in accordance with the standards applicable to compilations engagements, from information provided by you. We will not audit, review or otherwise attempt to verify the accuracy or completeness of that information.
Our services will not result in the expression of an audit opinion or any other form of assurance on the financial statements nor the fulfilling of any statutory or other audit requirement. Our services cannot be relied upon to detect fraud or error in your organisation.
JMV’s obligations are to:
1. Accurately compile the financial information with due professional care.
2. Process the information in an effective and efficient manner.
3. Respect the confidentiality of the information acquired in the course of our work.
4. We will only accept responsibility for written tax advice signed by Directors of JMV. Further,no responsibility will be accepted unless there has been full disclosure of the facts, in writing, from you.
It is understood and agreed that:
1. If financial reports are required for non-company entities you instruct JMV to prepare Special Purpose financial reports which are solely for the benefit of the entity in accordance with the principals of the Income Tax Act 2004. If financial reports are required for companies you instruct JMV to prepare financial reports under the Framework for Differential Reporting.
2. You will provide us with accurate and complete information necessary to compile such financial statements and taxation returns and you will accept responsibility for any failure to supply us with all the relevant records and information.
3. The responsibility for the accuracy and completeness of the assertions in the financial statements and taxation returns remains with you.
4. The financial statements will be conspicuously marked as unaudited and you will attach our disclaimer (which is in a form approved by the Institute of Chartered Accountants of New Zealand) when distributing the financial statements to third parties.
5. If at any time you operate your business through a company you undertake to maintain all statutory records for the period required by law.
6. JMV does not provide legal or financial advice. Any opinion expressed should be confirmed by the appropriate professional.
7. It is easy to make errors, which can lead to major adverse tax consequences. Examples include share transfers and declaring dividends. JMV do not accept any responsibility for any transactions of this nature prepared by you.
8. In the event the IRD selects your enterprise for review or audit, any work required from our firm will be a separate engagement and we will charge for our time based on the hours of work involved.
9. You have complied with all GST requirements and in particular hold a valid tax invoice for every input credit claimed.
10. We agree JMV’s professional indemnity liability is limited to the amount of our yearly accounting fee.
11. Where you are acting as a trustee you will act at all times in the best interests of the beneficiaries and that you have read and understood the trust deed, have no conflicts of interest and will not make important decisions without prior approval of the professional/independent trustee.
12. You accept responsibility for your own insurance and ACC cover.
13. Our payment terms are 20th of the month following invoice unless agreed otherwise (in advance).
14. Where we or any associated entities have invoices outstanding with JMV, we authorise JMV to bank any tax refund cheques to their trust account and draw a cheque to clear the debt and forward to me a cheque for the balance remaining (if any).