The Ministry of Economy and Commerce (MEC) yesterday unveiled a new initiative that aims to promote the adoption of a uniform contract for the provision of chartered accountant services to clients.
The move comes within the framework of the MEC’s efforts to improve the services offered by chartered accountants and raise awareness among accounting offices and customers about the legal rights and duties of chartered accountants, the ministry said in a press statement.
The uniform contract form for the provision of chartered accounting services includes 13 provisions that outline the responsibilities of both parties.
“The initiative aims to provide an electronic, uniform contract for the provision of accounting services and the establishment of a legal framework for the contractual relationship between chartered accountants and their clients,” the MEC said.
It also aims to educate clients about the main provisions that should be included in the contract for the provision of accounting services, as well as to ensure the compliance of the terms of the contract between accounting offices and clients with the provisions of Law No 30 of 2004, which regulates the audit profession.
The different articles relate to, among other issues, a client’s request for chartered accountant services – whether provided by an individual chartered accountant office, a general partnership company or the representative of a global office registered as a chartered accountant office specialised in reviewing and auditing financial accounts; the commitment of chartered accountants to provide accounting, financial account auditing services and advice in the financial, economic and administrative fields; commitment of the chartered accountant to provide accounting services required by the customer, such as reviewing and auditing financial accounts, etc; and the responsibility of chartered accountants for auditing operations and the accuracy of information presented in their reports.
Further, chartered accountants are responsible for compensating customers for all damages due to negligence and professional error committed by the accountants, their assistants or both. Chartered accountants also need to maintain the confidentiality of information and documents related to the client’s work.
Meanwhile, a client is prohibited from terminating the work of the chartered accountant before the end of the fiscal year unless the accountant violates provisions of Law No 30 of 2004, while another article determines the beginning and end of the contract term and the possibility of its renewal for a similar period.