As part of this engagement, you acknowledge and agree that:

1. You will provide us with accurate and complete information necessary to make all entries of account in your accounting program, and if applicable, to compile your financial statements. The sole responsibility for the accuracy and completeness of the representations in the financial statements remains with you.
2. All revenue and expenses of the company will be disclosed to us. All expenses are reasonable and were incurred for the purpose of earning income and are properly attributable to the company. You acknowledge a lack of source documents may result in the expense being disqualified from either the sales tax and/or the corporate burden benefit in the event of an audit.
3. The information and source documentation required to complete our engagement will be provided to us well in advance of any reporting or remitting deadlines, as outlined in your workflow and checklist.
4. Restaurants, gift cards, entertainment and vehicle expenses without source documents will be distributed to Due to Shareholder/Owner’s Draw at year-end.
5. You will on a monthly basis review all payments and cheques processed and returned by the financial institutions with whom you deal and immediately alert us as to any concerns you may have as to the legitimacy of any amount, payee or signature present upon those payments and/or cheques.

In the course of this engagement, we may seek from you additional information together with written confirmation of significant representations in accordance with our obligation to document this evidence.

Confidentiality

During the course of our engagement, we may also have access to personal information of your employees or third persons within your custody. You confirm that in maintaining this personal information you have complied with all applicable statutory and other legal obligations of privacy. We will hold any such personal information in complete confidence.

Limitation of Liability

Our engagement cannot be relied upon to prevent or detect fraud, error or other irregularities. The responsibility for the prevention and detection of fraud, error or other similar irregularities in your financial information must remain solely with you.

Accordingly, you agree that neither we nor our professional staff shall have any liability, in contract or tort, negligence or otherwise, for failure to detect and report to you any fraud that may be occurring or have occurred within your company.

You expressly agree that any and all claims, whether in contract, negligence, or otherwise known to law arising out of our professional services under this engagement vest exclusively in your company, and you agree to wholly indemnify and hold harmless AJ Bookkeeping and its professional staff from any and all claims that may be brought against our firm or its professionals by any shareholder, director or officer of your company in any way arising out of or connected to our services provided to you.

You agree that our liability for all claims you may have or bring in connection with any professional services rendered arising out of or ancillary to this agreement shall absolutely cease to exist after a period of two (2) years from the date of the specific service or book entry giving rise to the claim, regardless of whether you were aware of the potential for making a claim against us within that period.

Following the expiration of the two (2) year period, you agree that neither you, your agents or assigns shall make any claim or bring any proceeding against us.

Payments

All payments are due on the first of the month, following the period that the bookkeeping is about to be undertaken for. No work shall commence on the part of AJ Bookkeeping until payment has been received.

Other Matters

We would be pleased, at your request, to undertake any other work to assist you that is not inconsistent with our role in undertaking this engagement. The limitations of our liability as set out above under the heading Limitation of Liability shall apply equally to all additional work undertaken by us.

Our fees will be determined on the basis of time spent on this engagement and will be billed on a monthly basis at our regular billing rates. Any disbursements that we incur on your behalf will be included in the accounts that we submit. Accounts are due upon presentation of the invoice, prior to work to commencing.

In the event that payment of any account we may render is overdue, we will terminate our services and reserve the right to exercise all remedies available to us in law to recover payment for our services rendered to that date.

In the event that you are a party to any legal proceedings and we are required, whether by your consent or under compulsion of law, to provide documentation and evidence in respect of such proceedings, you agree that in addition to paying us for our professional time expended at our normal hourly rates that you will wholly indemnify and hold us harmless for any legal fees and disbursements we may reasonably incur in order to respond to such requests and provide such evidence.

The arrangements outlined in this letter will continue in effect from year to year unless changed by AJ Bookkeeping.