Terms and Conditions
These terms and conditions set out to confirm our understanding of the terms of our engagement and the nature and limitations of the services that we provide for the client that we don not have written contract or engagement letter in hard copy.
The Objective and Scope of the Service
You have requested that we audit the financial statements of your company, project, or organisation (“the Client”), which comprise the set of financial statements for the period indicated in our quotations or proposal submitted to you.
We are pleased to confirm our acceptance and our understanding of this service by means of these terms and conditions.
The objectives of our audit are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with International Standards on Auditing (ISAs) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The time schedule for audit will be agreed and submitted to you together with our quotation or proposal.
We are pleased to confirm our acceptance and our understanding of this service by means of these terms and conditions.
The objectives of our audit are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with International Standards on Auditing (ISAs) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The time schedule for audit will be agreed and submitted to you together with our quotation or proposal.
Responsibilities of Service Provider (ACCMIN refer as “the Auditor”)
We will conduct our audit in accordance with International Standards on Auditing (ISAs). Those standards require that we comply with ethical requirements.
As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
- Identify and assess the risks of material misstatement of the financial statements, 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 client’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 statements 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 Company’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 statements 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 Company to cease to continue as a going concern.
- We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
As part of our audit process, we will request from management and, where appropriate, those charged with governance of the Client, written confirmation concerning representations made to us in connection with the audit.
- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation
Responsibilities of the Management (“the Client”)
The management is responsible for the maintenance of the accounting and other records and registers and the preparation of financial statements, which are presented fairly, in all material respects, in accordance with the applicable financial reporting framework to the client. This responsibility includes designing, implementing and maintaining internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatements, whether due to frauds or errors, selecting and applying appropriate accounting policies, and making accounting estimates that are reasonable in the circumstances.
The management is also responsible to provide the auditors:
Management is responsible for safeguarding the Client’s assets and for the prevention and detection of fraud and error. Management is also responsible for identifying and ensuring that the Client complies with the laws and regulations (including the Client’ Agreement) applicable to the Client’s activities.
The management is also responsible to provide the auditors:
- Access to all information of which management is aware that is relevant to the preparation of the financial statements such as records, documentation and other matters;
- Additional information that the auditor may request from management for the purpose of the audit; and
- Unrestricted access to persons within the entity from whom the auditor determines it necessary to obtain audit evidence.
Management is responsible for safeguarding the Client’s assets and for the prevention and detection of fraud and error. Management is also responsible for identifying and ensuring that the Client complies with the laws and regulations (including the Client’ Agreement) applicable to the Client’s activities.
Confidentiality
The Auditors shall not, disclose any proprietary or confidential information relating to the Services, or the Client's business or operations without the prior written consent of the Client. This restriction will not apply to any information which:
(a) is or becomes generally available to the public other than as a result of a breach of an obligation under this clause.
(b) is acquired from a third party who owes no obligation of confidence in respect of the information.
(a) is or becomes generally available to the public other than as a result of a breach of an obligation under this clause.
(b) is acquired from a third party who owes no obligation of confidence in respect of the information.
Ownership of Material
Reports prepared by the Auditors for the Client under this service shall belong to and remain the property of the Client. The working papers and files for this engagement created by auditors during the course of the audit, including electronic documents and files, are the sole property of auditors. Our policy is to retain working papers and files for a period of ten years from the year of audit. After this period, the working papers and files will be destroyed.
Limit of liability
In relation to any legal proceedings arising out of or in connection with the audit, in no event will auditors be liable to the Client for any amount in excess of the total fees paid by Client to auditors under the terms of this letter.
Fees
Our fees are computed on the basis of the time spent on this service and on the staff qualification. The total fee is specified in the quotation or proposal sent to the client.
For the Services rendered, the Organization shall pay the Auditors an amount as the schedule of payments for audit fee is specified below.
Payment shall be made in US Dollar, no later than 15 days following a submission of invoices by the Auditors.
For the Services rendered, the Organization shall pay the Auditors an amount as the schedule of payments for audit fee is specified below.
- 50% of the agreed fee upon commencement of field audit
- 50% of the agreed fee upon presentation of the final Auditor’s Report.
Payment shall be made in US Dollar, no later than 15 days following a submission of invoices by the Auditors.
Acknowledgement and acceptance
Once our quotation or proposal has been agreed, these terms and conditions will remain effective until amended, in writing, with the agreement of both parties. We also trust that these terms and conditions sets out in sufficient detail our understanding of your requirements.
Any dispute arising out of the service, which cannot be amicably settled between the parties, shall be referred to adjudication/arbitration in accordance with the laws of Lao PDR.
Please sign and return our quotation or proposal submitted to you to indicate your acknowledgement of, and agreement with, the arrangements for our services including our respective responsibilities.
Any dispute arising out of the service, which cannot be amicably settled between the parties, shall be referred to adjudication/arbitration in accordance with the laws of Lao PDR.
Please sign and return our quotation or proposal submitted to you to indicate your acknowledgement of, and agreement with, the arrangements for our services including our respective responsibilities.