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Accounting Services Compiled Financial Statements

Accounting Services Compiled Financial Statements

Terms and Conditions

The entity engaging Accountants in Miami as a client of the firm shall be referred to herein as “THE CLIENT”

The entity name above shall be referred to herein as “THE CLIENT”. The following is a standard engagement letter as recommended “Best Practices” by the Florida Board of Accountancy, which you can refer to by visiting Florida’s Website. Execution of this engagement letter confirms your understanding of the terms and objectives of the engagement, nature, and limitations of the services we will provide. Either party at any time can terminate this engagement subject to the terms set forth herein with 30 days written notice.

This letter is to confirm our understanding of the terms and objectives of our engagement and the nature and limitations of the services we will provide. Either party at any time can terminate this engagement subject to the terms set forth herein.

We will compile, from the information you provide, the quarterly balance sheet of “THE CLIENT” as of December 31, 20XX, and subsequent years thereafter, and the related statements of operations for the year then ended in accordance with Statements on Standards for Accounting and Review Services issued by the American Institute of Certified Public Accountants.  We will not audit or review such financial statements.  We will not review or evaluate internal controls, confirm receivables or other balances with third parties, or observe a physical inventory.  Our services will be limited to presenting in financial statement form information that management represents to us.  You are responsible for the preparation and fair presentation of the financial statements using the accounting standards generally accepted in the United States of America.  We will not express an opinion or other form of assurance on such financial statements.

Our report on the annual financial statements of “THE CLIENT” is presently expected to read as follows:

We have compiled the accompanying balance sheet of “THE CLIENT” as of December 31, 20XX and the related statements of income for the year then ended. We have not audited or reviewed the accompanying financial statements and, accordingly, do not express an opinion or provide any assurance about whether the financial statements are in accordance with accounting principles generally accepted in the United States of America.

 Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America and for designing, implementing, and maintaining internal control relevant to the preparation and fair presentation of financial statements.

Our responsibility is to conduct the compilation in accordance with Statements on Standards for Accounting and Review Services issued by the American Institute of Certified Public Accountants.  The objective of a compilation is to assist management in presenting financial information in the form of financial statements without undertaking to obtain or provide any assurance that there are no material modifications that should be made to the financial statements.

If management elects to omit substantially all disclosures from the financial statements, we will include an additional paragraph that will read as follows:

Management has elected to omit substantially all of the disclosures ordinarily included in financial statements prepared in accordance with the U.S. generally accepted accounting principles.  If the omitted disclosures were included in the financial statements, they might influence the user’s conclusions about the organization’s assets, liabilities, net assets, revenue, and expenses.  Accordingly, the financial statements are not designed for those who are not informed about such matters.

If for any reason we are unable to complete the compilation of your financial statements we will not issue a report on such statements as a result of this engagement. Gustavo A Viera CPA is the engagement partner and is responsible for supervising the engagement and signing the report or authorizing another individual to sign it.

The distribution of our report is restricted to the internal use of the management of your company, and, accordingly, will not be distributed to outside parties to obtain credit or for any other purpose without our prior express written consent.  Our compilation engagement will not be planned or conducted in contemplation of reliance by any other party or with respect to any specific transaction and is not intended to benefit or influence any other party.  Therefore, items of possible interest to a third party may not be specifically addressed or matters may exist that could be assessed differently by a third party.

Our engagement cannot be relied upon to disclose errors, fraud, or other illegal acts that may exist.  However, we will inform you of any material errors that come to our attention and any fraud or other illegal acts that come to our attention, unless they are clearly inconsequential.  In addition, we have no responsibility to identify and communicate significant deficiencies or material weaknesses in your internal controls as part of this engagement, and our engagement cannot be relied upon to disclose the same.

The execution of this engagement is acknowledgment and acceptance the financial statements to be issued are compiled, not audited nor reviewed. We provide clients with auditing, reviews, or agreed upon procedures specifically focused on identifying and addressing weaknesses in internal controls (internal control review), and on searching for the existence of fraud within your company (fraud audit).  These services are at an additional cost associated with much higher and different levels of service and scrutiny.

You are responsible for adopting sound accounting policies, for maintaining an adequate and efficient accounting system, for safeguarding assets, for authorizing transactions, for retaining supporting documentation for those transactions, and for devising a system of internal controls that will, among other things, help assure the preparation of proper financial statements.  Furthermore, you are responsible for management decisions and functions, for designating a competent employee to oversee any of the services we provide, and for evaluating the adequacy and results of those services.

You are responsible for the design and implementation of programs and controls to prevent and detect fraud, and for informing us about all known or suspected fraud affecting the Company involving (a) management (b) employees who have significant roles in internal control, and (c) others where the fraud could have a material effect on the financial statements.  You are also responsible for informing us of your knowledge of any allegations of fraud or suspected fraud affecting the Company received in communications from employees, former employees, regulators, or others.  In addition, you are responsible for identifying and ensuring that the entity complies with applicable laws and regulations.

In order for us to complete this engagement, and to do so efficiently, we require unrestricted and timely access to the accounting, banking, tax documents, and individuals within your company who are in accounting or ownership position.  Any failure to provide such cooperation, and to do so on a timely basis, will impede our services and may require us to suspend our services or withdraw from the engagement.

Mr. Viera is the engagement partner and is responsible for supervising the engagement. Additionally, Mr. Viera is the only authorized employee of Gustavo A Viera PA to:

  • Sign the Accountants Report
  • Sign any original Local, State, or Federal Tax Return
  • Sign any other document(s) not specifically listed herein
  • Authorize the release of original or copies of a clients source documents
  • Authorize the release of original Financial Statements or copies of previously issued Financial Statements
  • Authorize the release of any original Local, State or Federal Tax Return or copies of previously issued Local, State or Federal Tax Return
  • Authorize the release of any original or copies of any other document(s) not specifically listed herein

No documents will be released directly to your attorney, bankers, insurance agents, an employee of “THE CLIENT” or another party including Local, State & Federal governmental agencies. All requests shall be addressed to Mr. Viera in writing (email, fax, or mail) and the requested documents will be sent to “THE CLIENT” directly. No documents shall be submitted to any third party directly. These requests are handled as expediently as possible. However, circumstances such as vacations or holidays may delay the turnaround time, so please plan accordingly. If Mr. Viera is out of the office, employees are forbidden to release documents for “THE CLIENTS” protection and security. Gustavo A Viera PA reserves the right to charge an additional fee in accordance with the attached rate sheet.

Our fees for this engagement are not contingent on the results of our services.  Rather, our fees for this engagement will be based as set forth on the attached rate sheet divided into sections.

(A) Accounting Services – Are accounting or bookkeeping services (non-tax related) requested by “THE CLIENT” based on their needs. The fee is calculated on annual basis and billed over a twelve-month period in equal monthly installments referred to on the invoice as the “Monthly Retainer”. Should you decide to terminate our engagement for any reason, we have the right to complete the work through the last month paid. If we cannot complete the work for any reason including your refusal to allow us to do so, no refunds, financial statements, or tax returns will be issued.

(B) Tax Services – Are for tax work required by Federal, State, and Local governments and or other agencies, which “THE CLIENT” is required to file. Our fees for these Tax Services will be based as set forth on the attached rate sheet and are not included in the monthly retainer. They are billed separately as the work is completed.

(C) Other Services – We will be happy to provide you with additional services not included in sections (A) and (B) above. Our fees for these additional services are stated on the attached rate sheet and are billed at our regular hourly rates. The rate sheet is not all-inclusive. Should you require a service not found on the rate sheet, we will be happy to custom-tailor the service to fit your needs and will provide a written quote for approval before commencing such work.

(D) Unforeseen Events – In the normal course of day-to-day operations, unforeseen events may arise which you may require or request additional services or representation not foreseen or contemplated during the preparation and execution of this engagement letter. Examples include inquiries, penalties, audits, and or correspondence from Local, State, and Federal government agencies such as Miami-Dade County, State of Florida, and Internal Revenue Service respectively, and not limited to these. In addition to governmental agencies, other parties may request information, which may require our involvement if you so desire. The most common sources of these requests come from your bank, mortgage broker when applying for a loan, insurance agents (including workman’s comp audits), an attorney either representing your interest or against, to mention a few. Since these events may or may not come to fruition, we do not add a cost component as a contingency. We will be happy to assist you at our standard hourly rates. We shall not undertake any engagement, task, or perform a service that does not fall within the realm of Public Accounting.

This engagement letter is contractual in nature and includes all of the relevant terms that will govern the engagement for which it has been prepared.  The terms of this letter supersede any prior oral or written representations or commitments by or between the parties.  Any material changes or additions to the terms set forth in this letter will only become effective if evidenced by a written amendment to this letter, signed by all of the parties.  If you would like us to provide you with any other services not specifically outlined in this engagement letter or attached rate sheet, you must make that request of us in writing.  If we agree to provide the requested additional services, we will create a separate engagement letter specifically addressing the same, and that engagement letter, upon your signature, will govern our provision of those additional services.

If, after full consideration and consultation with counsel if so desired, you agree that the foregoing terms shall govern this engagement, please sign the copy of this letter in the space provided and return the original signed letter to me, keeping a fully-executed copy for your records.

Thank you for your attention to this matter, and please contact me with any questions that you may have.

 

Monthly Financial Statements

We will compile, from the information you provide, the quarterly balance sheet of “THE CLIENT” as of December 31, 20XX, and subsequent years thereafter, and the related statements of operations for the year then ended in accordance with Statements on Standards for Accounting and Review Services issued by the American Institute of Certified Public Accountants
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