Terms of Engagement
This is to confirm our understanding of the terms of our engagement and the nature and limitations of the services we provide.
PURPOSE, SCOPE AND OUTPUT OF THE ENGAGEMENT
BIZVAL will provide Limited Scope Valuation services which will be conducted in accordance with the relevant professional and ethical standards issued by the Accounting Professional & Ethical Standards Board Limited (APESB). The extent of our procedures will be limited exclusively for this purpose. As a result, no audit will be performed and, accordingly, no assurance will be expressed. Our engagement cannot be relied upon to disclose irregularities including fraud, other illegal acts and errors that may exist. However, we will inform you of any such matters that come to our attention. Our professional services are conducted for, and the valuation report will be prepared for, the relevant specific organisation or party for the purpose specified in the report or as agreed. We disclaim any assumption of responsibility for any reliance on our professional services to any party other than as specified or agreed, and for the purpose which it was prepared. Where appropriate, our report will contain a disclaimer to this effect.
In conducting this engagement, information acquired by us in the course of the engagement 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 with your express consent. We wish to advise that our firm’s system of quality control has been established and maintained in accordance with the relevant APESB standard. As a result, our files may be subject to review as part of the quality control review program of the Chartered Accountants Australia & New Zealand 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. Should this occur, we will advise you. Clients are required to arrange for reasonable access by us to relevant individuals and documents, and to be responsible for both the completeness and accuracy of the information supplied to us.
The fee arrangement is a fixed price as agreed and payable in full prior to commencement of work.
Should we need to amend or update a report due to the provision of new or further information, we reserve the right to charge a fee for the amendment. Any such fee will be quoted upfront.
LIMITATION OF LIABILITY
Our liability is limited by a scheme approved under Professional Standards Legislation. Further information on the scheme is available from the Professional Standards Councils’ website: www.professionalstandardscouncil.gov.au.
OWNERSHIP OF DOCUMENTS
All original documents obtained from the client arising from the engagement shall remain the property of the client. However, we reserve the right to make a reasonable number of copies of the original documents for our records. Our engagement will result in the production of a valuation report. Ownership of this document will vest in the client. All other documents produced by us in respect of this engagement will remain the property of BIZVAL.
As this is a fixed price service there will be no refund of fees after commencement of the engagement or payment of the fixed price fee, whichever occurs first.
CONFIRMATION OF TERMS
Acceptance of our services, by requesting a valuation or payment of our fee (whichever occurs first), indicates you understand and accept our Terms of Engagement. These terms will be effective for all future engagements unless we advise you of any change.
We reserve the right to cease an engagement if no correspondence is received from you for a period of two (2) consecutive months after the commencement of your engagement. In this event we will consider the file expired and no valuation report or refund, in part or in full, will be given. Should you require us to reopen the file and continue with the engagement after this time, an additional fee will be charged. Any such fee will be quoted upfront and full payment will be required before the engagement recommences.