Policy for Engagement & Fees
Objective:
To establish a clear framework for determining client fees and defining the scope of services that ensures the quality of work is maintained and proper documentation is upheld in accordance with SQC 1.
1. Engagement Acceptance and Continuance:
Client Evaluation: Before accepting a new client or continuing with an existing one, we will conduct a thorough evaluation of the client’s background, financial stability, and the nature of the services requested. This includes assessing any potential risks that may affect our ability to deliver quality work.
Engagement Letter: An engagement letter will be prepared for each client, clearly outlining the scope of services to be provided, the responsibilities of both parties, and the fee structure. This letter will serve as a formal agreement and will be signed by both the client and the firm.
2. Fee Considerations:
Transparent Fee Structure:
We will establish a transparent fee structure based on the complexity and scope of the services provided. Fees will be determined based on factors such as the time required, the expertise needed, and the value delivered to the client.
Avoiding Fee Pressure: We will ensure that fee considerations do not compromise the quality of our work. This means that we will not reduce the scope of services or cut corners to meet budget constraints. Any adjustments to fees or scope must be discussed and agreed upon with the client in advance.