Reporting and Communications:
Reporting and Communications’ goal is to communicate the appropriate level of information to the right people through a variety of formats. To provide information in the most effective and efficient way for the stakeholders involved.
Reporting and Communications reports provide an overview of the work performed, describe the issues identified as well as their implications if not corrected, and provide practical and valuable recommendations that are tailored to your needs.
We believe that for a business relationship to truly succeed, all members of the relationship need to win – the clients who engage us, the professionals, who complete the work, and the firm itself.
In working with MUHASBA our clients find an organization that is both willing and able to work interactively in order to identify problems, develop and implement solutions, and capitalize on opportunities. Reporting and Communications At MUHASBA we want to build strong relationships with our clients and continuously seek to understand ways in which we can ensure the services we are providing are in alignment with their needs. We believe it is important to strive for continuous improvement in the ways we interact with and deliver services to clients. We do this, in part, by adhering to defined client service standards and seeking feedback on our performance from our clients.
Compliance with sanctions:
Al Salam Accounting and Sultan ALi Auditing (the "Muhasba") is required to act in accordance with the laws and regulations operating in various countries and regions around the world relating to international sanctions. Under these sanctions requirements, the Chartered Accountants is prohibited from engaging in certain transactions. Muhasba may have to reject transactions or carry out other activities, such as the blocking or freezing of accounts or funds, as required under the applicable sanctions.
Payment terms and other conditions:
a) It is important to us that you understand the basis of Reporting and Communications upon which our fees are calculated, the times when fees and disbursements will be invoiced, and our expectations for payment. Unless otherwise agreed in writing, our fees are calculated by us after taking account of several factors, including:
i. time and expended.
ii. the levels of skill, specialized knowledge, and responsibility involved.
iii. the importance of the matter to you and the results achieved.
iv. the urgency and circumstances in which your matter is carried out.
v. the complexity of the mater and the difficulty or novelty of the issues involved.
vi. the number and importance of the documents prepared and considered.
b) The amount mentioned in this clause is exclusive of all applicable duties, taxes, and other fees.
i. 50% is payable in advance (non-refundable) upon signing this proposal and balance upon the submission draft. Our terms of business require the settlement of our fee note upon the issue.
ii. Indemnification: limitation of a claim by the client caused by our gross negligence shall ‘be limited to fee already paid and received by MUHASBA.
iii. Our fees are payable upon issuance of our invoice/fee note.
iv. In the event of termination of the mandate for any reason whatsoever, we are entitled to receive fees and expenses incurred till the date of termination.
v. This proposal is valid for 14 days from the date of issue.
d) The engagement will commence on the date of signing the relevant contract and agreed mutually.
f) The confidential information provided to us shall at all times be kept confidential and we shall take such steps as we, in good faith, think fit to preserve confidential information from misuse both during and after the termination of this engagement. Neither we nor you shall be prevented from disclosing confidential information that is required to be disclosed by law, rule, regulation, or any professional or regulatory obligation for the time being in force.
g) Conflict of interest
h) Subject to confidentiality restrictions set forth herein, we and our affiliates shall have the right to render similar services to any third parties, even if such parties are in competition with you, provided that, in the event you have given us prior notice of a potential conflict, we shall either obtain a waiver of both parties or, in the absence of such waiver (which should not be unreasonably withheld or delayed), refrain from rendering similar services in a manner which would create a conflict with respect to such circumstances.
i) Force Majeure
j) We will not be liable for any delays or failures in performance or breach of contract due to events or circumstances beyond our reasonable control, including acts of God, war, acts by Governments and Regulators, acts of terrorism accident, fire, storm, or civil disturbance.
k) Governing Law and Jurisdiction
l) These Terms of Business and the Engagement Letter of which they form the part shall be governed by and interpreted in accordance with United Arab Emirates Law. The courts of the United Arab Emirates shall have exclusive jurisdiction to settle any dispute which may arise in connection with the Engagement Letter and/or the Services.
m) Limitation of liability
n) You agree to hold harmless ‘MUHASBA’, its partners and employees free from all actions, claims, proceedings, losses, damages, costs, and expenses, whatsoever and however caused, incurred, sustained or arising, which our firm, its partners and employees may suffer arising from, or in connection with, the provision of the services. This provision shall survive the completion of the work under this engagement letter for any reason.
o) Our Liability relating to services rendered under this engagement letter (regardless of form or action, whether in contract, tort or otherwise) shall be limited to the fees paid to us for the portion of the services or work products giving rise to the liability.
p) In no event shall our firm be liable for consequential, special, incidental, or punitive loss, damage, or expense (including without limitation, lost profits, opportunity cost, etc.) even if we have been advised of their possible existence. You will indemnify and hold harmless our firm and its personnel from any claims, liabilities, costs, and expenses relating to our services under this letter. Such a provision in our engagement letter for services survives the completion of our assignment.
Copying the terms is strictly against the law of the United Arab Emirates. For Al Salam Accounting and Sultan Ali Auditing.