You are responsible for providing us with the necessary information and prime records for the preparation of the management accounts, including:
- Sales invoices.
- Purchase invoices.
- Bank statements.
- Details of bank and cash payments.
- Details of bank and cash receipts.
- Details of bank loans & finance agreements
- Stock and work-in-progress details (if appropriate).
- Access to your accounting records.
Our service to you
We will prepare from the information and explanations provided by you, your monthly/quarterly (as agreed) m anagement accounts.
We will either discuss with you the management accounts or prepare a separate report and commentary on the figures for discussion/consideration.
We will not attach a report to the management accounts.
We will not carry out any audit work as part of this assignment. To carry out an audit would entail additional work so that we could report on the truth and fairness of the accounts.
We have a professional duty to compile accounts that conform with generally accepted accounting principles. Where necessary we will inform you and suggest amendments be put through the accounts before being published. We have a professional responsibility not to allow our name to be associated with accounts that may be misleading. In extreme cases when this matter cannot be resolved, we will withdraw from the engagement and notify you in writing.
The management accounts are prepared for your internal use within your business by the directors. They should not be shown to any other party without our prior agreement.