Terms of Service

1. Engagement & Acceptance of Terms

These Terms of Service ("Terms") govern the professional relationship between L.C. Associates ("Firm", "Auditor", "we") and the client entity or individual ("Client", "you") engaging our services.

By issuing an Engagement Letter, signing an audit proposal, utilizing our web portal, or commissioning professional services (including external audit, internal audit, tax consultation, bookkeeping, PAN/VAT setup, or company registration), you agree to be bound by these Terms and relevant statutory regulations of Nepal.

2. Scope of Professional Services

L.C. Associates will provide services strictly as specified in the agreed formal Engagement Letter or written quote. Services typically include:

• External Statutory Audit: Independent review of annual financial statements in accordance with Nepal Standards on Auditing (NSA) and Companies Act requirements.
• Internal Audit & Controls: Periodic examination of internal accounting controls and risk frameworks.
• Tax Compliance: Assistance with Income Tax Returns (ITR), VAT returns, and representation before the Inland Revenue Department (IRD).
• Accounting & Corporate Advisory: Bookkeeping, financial statement preparation under NFRS/NAS, and company incorporation.

3. Client Responsibilities & Accuracy

To enable us to perform our duties effectively and within statutory deadlines, the Client agrees to:

4. Independence & Professional Ethics

L.C. Associates conducts all audit engagements in strict compliance with the professional independence standards dictated by the Institute of Chartered Accountants of Nepal (ICAN). We reserve the right to express an independent, unbiased audit opinion (unqualified, qualified, or adverse) based strictly on evidence gathered, without management influence.

5. Fees, Invoicing & Payment Terms

Professional fees are determined based on the scope of work, turnover size, and complexity of the engagement as specified in the Engagement Letter.

• Invoices are payable within 15 to 30 calendar days from the date of issuance.
• Out-of-pocket statutory fees (government registration fees, official IRD vouchers, ward taxes) are to be borne directly by the Client.
• L.C. Associates reserves the right to suspend work or withhold final audit reports if outstanding invoices remain unpaid beyond agreed credit terms.

6. Confidentiality

Both parties agree to maintain strict confidentiality regarding all proprietary business data, trade secrets, and financial information exchanged during the engagement. Confidential information will not be disclosed to any external entity except as required by law, court order, or authorized regulatory bodies (e.g., IRD or ICAN).

7. Limitation of Liability

An external audit involves selective sample testing and is not designed to guarantee the total absence of fraud or deliberate concealment by management. L.C. Associates shall not be held liable for losses resulting from misleading information, withheld records, or fraudulent representations made by the Client or its employees.

8. Working Papers & Report Ownership

Audit working papers, analysis notes, and diagnostic work developed by L.C. Associates remain the sole intellectual property of the Firm. Upon full payment of fees, the Client receives the right to utilize the final signed Audit Report and tax clearance documentation for statutory and official purposes.

9. Termination of Engagement

Either party may terminate the service agreement by providing 14 days written notice. In the event of termination, the Client shall pay for professional services rendered and costs incurred up to the date of termination.

10. Governing Law & Dispute Resolution

These Terms shall be governed by and construed in accordance with the laws of Nepal. Any dispute arising out of or in connection with our services shall be subject to amicable settlement, failing which it shall be referred to the jurisdiction of the court in Rupandehi District, Nepal.