I have been asked to provide a quick review of a local committee's accounts. They aren't really accounts, just a justification of expenses, so everybody can see where the committee's money is going. It is only a small affair, less than £10k in the bank
I will do it on a voluntary basis, it should take maybe an hour at most. I would be required to provide a review every quarter.
My question is, do I need to put a LOE in place?
Replies (12)
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I would.
Maybe not the format you would for a regular client, but good to set out what you are and aren't doing, the responsibilities of the parties.
Personally, would rather pay someone from my own pocket to do the work than do it on voluntary basis, "quick" jobs like this end up being a source of pain.
If you do decide to accept the work then you certainly need a clear LOE so everyone understands what you are, and perhaps more importantly what you are not, doing as part of the role.
As is the case on much we do.
Lots of time spent on CDD/KYC, annual checks, LoEs, quality control etc. etc. And don't get me started on small audits!
More time spent of the bureaucracy than actually doing the job.
Since you can potentially be sued, you'd be a fool not to (if only to limit your liability in negligence).
If you are in the ICAEW join the volunteering community. It provides free PII cover for your volunteer roles. Really useful benefit.
https://www.icaew.com/groups-and-networks/communities/volunteering