formal or informal

System
System Posts: 100,537 🤖 Admin 🤖
edited June 9 in General accounting discussion
Can anyone give me an overview of how they deal with clients and whether they have formal or informal arrangements. I am aware that an engagement letter etc should be raised, but does everyone do this? Also, do you get clients to sign off accounts etc as agreed. I find that clients don't want to be bothered with this aspect? Any views?

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  • System
    System Posts: 100,537 🤖 Admin 🤖
    formal or informal

    Self-Employed 101 - Always get the client to sign off on the accounts. <BR><BR>No excuse should be accepted from client to the effect that they do not want to sign the accounts. Passing over the accounts to the client without signing them is a recipe for disaster. I would go further and include a paragraph on the signatory page along the lines of: The P&L and Balance sheet on pages X & Y were prepared by me on the basis of explanations and documents supplied to me by Mr Mom & Mrs Pop. No audit of the accounts, books and records were carried out by me... Or words to that effect. CYA comes to mind!!<BR><BR>Good luck!<BR>

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