Terms of Engagement

Your Responsibilities

Involvement of Others


Storage of Personal Information

Ownership of Documents

Fraud, Illegal Acts and Errors


Work not covered by a Project Proposal or Project confirmation

Period of Engagement

Confirmation of Terms

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Purpose, Scope and Output

This Terms of Engagement is to be read in conjunction with our Project Proposal, Project Proposal Variation or Project Confirmation.

The Terms of Engagement confirms our understanding of the work to be done in accordance with the Project Proposal or Project Confirmation.
The services provided will be conducted in accordance with the relevant professional and ethical standards issued by the Accounting Professional & Ethical Standards Board (APESB), including the Code of Ethics for Professional Accountants (the Code) and the Tax Practitioners Board. The extent of our procedures and services will be limited exclusively for this purpose only.

Except where audit services are provided by outsourced professionals, our engagement will not involve an audit or review. Accordingly, no assurance will be expressed in relation to our services.
There is no assumption of responsibility for any reliance on our reports by any person or entity other than yourself and those parties indicated in the reports. The reports we prepare shall not be inferred or used for any purpose other than for which they were specifically prepared. Accordingly, our reports may include a disclaimer to this effect.

You are responsible for the reliability, accuracy and completeness of the accounting records, particulars and information provided and disclosure of all material and relevant information. You or your staff are responsible for maintaining & regularly balancing all books of accounts, and the maintenance of an adequate accounting and internal control system.

You are required to arrange for reasonable access by us to relevant individuals and documents, and shall be responsible for both the completeness and accuracy of the information supplied to us. Any advice given to you is only an opinion based on our knowledge of your particular circumstances.
You have obligations under self assessment to keep full and proper records in order to facilitate the preparation of accurate returns. It is your responsibility to keep those records for five (5) years.

You are responsible for ensuring that your business and investment activities are conducted in accordance with laws and regulations. You are also responsible for identifying and addressing any non-compliance by yourself, by an individual charged with governance of the entity, by a member of management, or by other individuals working for or under your direction.

A taxpayer is responsible under self-assessment to keep full and proper records in order to facilitate the preparation of a correct return. Whilst the Commissioner of Taxation will accept claims made by a taxpayer in an income tax return and issue a notice of assessment, usually without adjustment, the return may be subject to later review. Under the taxation law such a review may take place within a period of up to four (4) years after tax becomes due and payable under the assessment. Furthermore, where there is fraud or evasion there is no time limit on amending the assessment. Accordingly, you should check the return before it is signed to ensure that the information in the return is accurate.

Where the application of a taxation law to your particular circumstances is uncertain you also have the right to request a private ruling which will set out the Commissioner’s opinion about the way a taxation law applies, or would apply, to you in those circumstances. You must provide a description of all of the facts (with supporting documentation) that are relevant to your scheme or circumstances in your private ruling application. If there is any material difference between the facts set out in the ruling and what you actually do the private ruling is ineffective.

If you rely on a private ruling you have received, the Commissioner must administer the law in the way set out in the ruling, unless it is found to be incorrect and applying the law correctly would lead to a better outcome for you. Where you disagree with the decision in the private ruling you can lodge an objection against the ruling if it relates to income tax, fuel tax credit or fringe benefits tax. Your time limits in lodging an objection will depend on whether you are issued an assessment for the matter (or period) covered by the private ruling.

Failure to keep appropriate records on tax claims may involve imposition of penalties and interest, including not maintaining the appropriate records and documents for up to five years. Where those assessments submitted later found to be incorrect, the Commissioner may amend your income tax assessments. In addition to any tax assessed, you may be liable for penalties and interest charges.

From time to time, as part of our engagement, the services of an external consultant or expert may be required. Where material, a cost estimate, timeframe and level of involvement will be provided for your approval.

Outsourced Services

We utilise the services of SAS Audit Specialists to attend to the auditing requirements for our client’s self-managed superannuation funds, QBCC audits and trust account audits. Where these services are utilised, specific notification will be provided prior to the services being provided.
We utilise the services of Backoffis, a knowledge process provider. Backoffis offer junior to mid-level accounting and administration support. All Backoffis work is overseen and reviewed by our Goondiwindi team. Backoffis have a Brisbane office, with work conducted by appropriately qualified accountants in Ahmedabad, India. Specific notification will not be provided in advance for work conducted by Backoffis.
Acceptance of our services in conjunction with this engagement document indicates your acceptance of the use of outsourced services as described. Where the outsourced service requires the disclosure of personal information to an overseas recipient a consequence of your consent is that we will be required to take reasonable steps to ensure that the Australian Privacy Principles are complied with by the overseas recipients of the Personal Information.

In conducting this engagement, information acquired by us in the course of the engagement, including any information relating to your affairs whether it belongs to you or not or is provided by you or not, is subject to strict confidentiality requirements. That information will not be disclosed by us to other parties except as required or allowed for by law or regulations, or with your express consent unless, we determine that disclosure of the noncompliance or suspected non-compliance to an appropriate authority is an appropriate course of action in the circumstances.
As part of our system of quality control, our files may be subject to review as part of the quality control review program of CPA Australia which monitors compliance with professional standards by its members. We advise you that by accepting our engagement you acknowledge that, if requested, our files relating to this engagement will be made available under this program.
We may collect Personal Information about you, your representatives, your clients and others when we provide services to you. If we do, you agree to work with us to ensure that we both meet the obligations that we each may have under the Privacy Act 1988 (Cth) (as amended) (Privacy Act). The obligations may include notifying the relevant person to whom the personal information relates who we are and how we propose to use their personal information. Where you have collected personal information, you confirm that you have collected the personal information in accordance with the Privacy Act, that you are entitled to provide this personal information to us and that we may use and disclose the personal information for the purpose/s we provide our services to you. We will handle personal information in accordance with the Privacy Act.

Hard copies of Personal Information is stored in either our Goondiwindi office or adjacent storage shed. Electronic copies of Personal Information is stored in our onsite servers and with our cloud-based data backup provider. Our backup provider may subsequently store copies in Sydney, NSW.

All original documents obtained from you arising from the engagement shall remain your property. However, we reserve the right to make a reasonable number of copies of the original documents for our records.
Our engagement may result in the production of various electronic and paper documents or files. Ownership of these documents will vest in you. All other documents produced by us in respect of this engagement will remain the property of the firm, subject to any statutory obligations.
The firm has a policy of exploring a legal right of lien over any client documents in our possession in the event of a dispute. The firm has also established dispute resolution processes.

Our engagement cannot be relied upon to disclose irregularities including fraud, other illegal acts and errors that may exist. However, we may, as part of our responsibilities as a Member in Public Practice, take steps and actions as set out in Section 225 of the Code, “Responding to Non-Compliance with Laws and Regulations”.

Our actions may include but are not limited to the following:
During the course of our engagement, if we identify or suspect that non-compliance with laws or regulations has occurred or may occur, which may have a direct effect on material amounts or disclosures in the financial statements or compliance with which may be fundamental to the operating aspects of your business, the ability to continue its business or to avoid material penalty, we will discuss the matter with the appropriate level of management, those charged with governance or the internal auditor, as appropriate, to enable you to rectify, remediate or mitigate the consequences of the identified or suspected noncompliance or deter the commission of the non-compliance where it has not yet occurred.
We will consider whether to communicate the noncompliance or suspected noncompliance, unless prohibited by law or regulation.
We will also consider, based on materiality and/or significance of the matter, whether further action is needed in the public interest.
Further action may include disclosing the matter to an appropriate authority even when there is no legal or regulatory requirement to do so or withdrawing 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 investors, creditors, employees or 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.

Our fees are based on the expected amount of time and the expertise level of the staff member required to complete the services. Our hourly rates range between $66 and $440 (including GST) depending on the level of expertise.

As part of our holistic approach, work may be required to be conducted that is outside of the scope of a Project Proposal or Project Confirmation. In the event that this work is material, a cost estimate and timeframe will be provided for your approval.

This Terms of Engagement applies for past years where you have been a client and, will be effective for future years unless we advise you of any change.

Your acknowledgement of our Project Proposal, Project Proposal Variation or Project Confirmation indicates your acceptance of the Proposal or Confirmation and that this Terms of Engagement is in accordance with your understanding of the arrangements.

If you require further information about this Terms of Engagement, contact the team at Insight:

At the core of our services is our goal to improve the overall financial position of our individual clients and their businesses and to put them on the path to financial independence.