• The ultimate responsibility for the determination of the appropriate accounting treatment rests with management as they are responsible for the decisions and management approvals relevant to the appropriate accounting treatment of the transaction.
• The online services will not constitute an engagement to provide audit, compilation, review, or attestation services as described in the pronouncements on professional standards issued by the International Federation of Accountants, or other regulatory body and, therefore, we will not express an opinion or any other form of assurance as a result of performing the services.
• During this engagement, we may provide verbal and written comments and observations as well as potential recommended modifications to internal client documents. Client management will be solely responsible to review and make all decisions with respect to potential modifications and ultimate approval and acceptance of any comments or observations made by ACT.
• We might perform any management functions, make management decisions alongside management if within the scope, assume any management responsibilities, perform in a capacity equivalent to that of management or an employee of the client, including assuming any financial reporting oversight role; authorizing, executing, or consummating any transactions, or otherwise exercising authority on behalf of the client.
• We will draw our comments and analyses based solely on the facts and other information provided to us and our interpretation of the relevant accounting pronouncements. If the facts, circumstances, assumptions or other information provided prove to be different, our comments and analyses may change. We will not audit, test or otherwise verify any of the information you provide to us and you agree that we are entitled to assume that the information you provide to us is accurate, complete, and not misleading in any way.
The ultimate responsibility for sharing the data rests with the management.
• The The client agrees that the services may include advice and recommendations, but agrees that the Client will be solely responsible for the financial statements and all decisions regarding the accounting treatment of any item or transaction (including decisions regarding its compliance with International Financial Reporting Standards). ACT may not be informed of, and is not responsible for, any final accounting position taken or accounting policies instituted by the Client. Furthermore, the Client shall be solely responsible for, among other things, (1) designating a member of management with appropriate technical accounting and reporting knowledge to oversee the Services and to sustain meaningful and substantial involvement in all phases of this engagement; and (2) any forward-looking information (including any models, projections, forecasts, budgets, synergies, feasibility analyses, assumptions, estimates, methodologies, or bases for support).
• Documentation and analyses prepared in connection with the scope of work merely represent the results of the ACT team’s research and understanding of similar transactions in the industry and do not represent an opinion of ACT on any accounting position. Our comments on this matter should not be considered as an accounting opinion and, consequently, ACT do not assume any responsibility for the financial statements of the client.
• Our comments and analyses will be based on our interpretation of IFRSs, USGAAP, or any other in scope accounting standard to be used and currently in issue at the date of the Contract. In the event that new or revised standards are issued in the future, our comments and analyses should be reconsidered in light of such changes and/or new requirements. We are under no obligation however to update our comments and analyses for information provided further to the date of completion of work or for other future events.
• Due to the evolution of professional interpretation of standards and pronouncements, the facts, circumstances, assumptions, comments, and analysis may subsequently be viewed differently by us and/or others. We are under no obligation to update our comments and analysis for changes in our interpretation of pronouncements.
• The suggestions should not be considered as an opinion on the application of accounting principles in connection with the scope of work. Furthermore, the client management agrees that it will not represent to any third parties that it has obtained such an opinion from ACT under the engagement.
ACT acronym in the whole document stands for Accounting Clubs Team.