Standards of Services
Standards of Services for a Fractional CFO
In the course of delivering fractional CFO services to our clients (you or your), Rethink CFO Inc (we, our or us) applies customary practices intended to provide our services in a cost effective manner and in accordance with applicable law and professional standards. This document describes the Standards of Services for performance of our fractional CFO services (these Standards) relating to the various items of work comprising the 5 Levels of our service offering, including optional services as described on our website https://www.rethinkcfo.com/.
These Standards do not constitute an agreement to provide fractional CFO services. Our agreement to provide specific fractional CFO services can only be made in the manner provided in an engagement letter signed by both you and our duly authorized partner, principal, or employee (the Engagement Letter). These Standards will apply to the performance of our services relating to work set forth in a Statement of Work. The scope of services for a particular project will be set forth in a Statement of Work delivered in the manner provided in the Engagement Letter (each, a Statement of Work). These Standards may be modified for a particular project, but only to the extent we expressly agree in a Statement of Work signed by our duly authorized partner, principal, or employee. Modification of these Standards in a Statement of Work will apply only to the specific services described in that Statement of Work.
We may supplement or revise the Standards of Services from time to time, in which case we will provide you with a copy of the supplemented or revised Standards of Services in electronic or paper format. The supplemented or revised Standards of Services will apply to all services under any Statement of Work entered into on or after the date on which we deliver supplemented or revised Standards of Services to you.
1. Standards Applicable to all Fractional CFO Services
1.1 Scope of Our Services. The scope of our services will be limited to the services specifically described in the applicable Statement of Work. If you require services beyond those specifically described in a particular Statement of Work, these additional services would require either a separate Statement of Work or an expansion of an existing Statement of Work at an additional cost.
1.2 Decisions. While we may provide you with deliverables concerning Fractional CFO Deliverables as specified in the applicable Statement of Work, you will retain all authority and responsibility for making any decisions based on our deliverables.
1.3 Reliance on Information. Except as provided in the applicable Statement of Work, we will to the extent possible implement processes to assist to verify facts of transactions recorded in the general ledger of your accounting system. We will rely on the financial and other information that you provide us. If the actual facts are different from the facts represented to or understood by us, or if there are other facts of which we are not aware, the deliverables listed on the applicable Statement of Work, or the conclusions in our deliverables to you as your fractional CFO could be materially different than what they would have been had the facts represented to or understood by us been complete and accurate.
2. Fractional CFO Service
2.1 Scope of Fractional CFO Services. Our services as your fractional CFO are limited to the applicable Statement of Work.
2.2 Our and Your Respective Responsibility for Accuracy. We will exercise due professional care and judgment to the carrying out of our services as listed in the applicable Statement of Work as your fractional CFO. You will present to us complete and accurate information in a timely manner.
2.3 Level of Assurance. As a fractional CFO, we do not provide compilation, attest, or audit engagements. We do provide management reports in accordance with generally accepted accounting principals (GAAP).
2.4 Your Copy of Your Fractional CFO Reports. We will provide you with an electronic copy of the fractional CFO report(s) or the required information in a .pdf or similar format.
2.5 Use of Fractional CFO Reports. Because of their special purpose, nature and format, fractional CFO reports do not constitute financial statements prepared in accordance with international financial reporting standards (IFRS). The fractional CFO reports should be used only for management decision making purposes.
3. Fractional CFO Deliverables
3.1 What Constitutes Fractional CFO Deliverables. Any definitive deliverables concerning any Fractional CFO Deliverable depends on the particular facts of your situation, as well as the law and related authorities that apply to those facts. Our professional standards require that we exercise appropriate due diligence in providing Fractional CFO Deliverables, taking into consideration the scope of our engagement and the type and specificity of the deliverables that you request. This due diligence may require review or confirmation of certain facts and research. To confirm our mutual understanding regarding material facts and to provide you with an understanding of any particular risks associated with any Fractional CFO Deliverables addressed. All definitive deliverables that we provide must be in writing in the form of a letter or a memorandum.
We are happy to discuss with you our views regarding our treatment of certain items.
Any communication or information delivered to you orally or in the body of an email (as opposed to a letter or memorandum delivered as an email attachment) will be based upon limited research and a limited discussion and analysis of the underlying facts. Additional research or a more complete review of the facts could affect our analysis and conclusions.
3.2 Facts and Assumptions. Our investigation to confirm or verify any facts described in any Fractional CFO Deliverables will be limited to the facts, assumptions and representations described in the Fractional CFO Deliverables. Any change in or addition to these facts, assumptions or representations could materially and adversely affect our analysis and conclusions. If you for any reason believe that any facts, assumptions, or representations in any Fractional CFO Deliverables are incorrect or incomplete, you must notify us immediately to discuss the impact on our analysis and conclusions. You should not rely upon any item of Fractional CFO Deliverables that is based on facts, assumptions, or representations that you believe to be incorrect or incomplete.
3.3 Issues Addressed. Each item of Fractional CFO Deliverables will be limited to deliverables concerning the fractional CFO issues described in the Statement of Work, and it may not consider all of the issues that may arise in connection with the subject matter of the deliverables. Except as expressly stated in an item of the Statement of Work, our deliverables are not an endorsement of any particular financial position or structure, nor a recommendation that any addressee proceed with any course of action described in the Fractional CFO Deliverables.
3.4 Level of Assurance for Fractional CFO Deliverables; No Guarantee. From time to time professional situations arise in the delivery of a fractional CFO service where it is unclear how a position should be presented. The application of best practice to any particular facts may be subject to more than one interpretation. Our Fractional CFO Deliverables will be based upon our interpretation of applicable law and regulations and established best practice as of the date of the creation of the Fractional CFO Deliverables.
The level of assurance for any particular item of Fractional CFO Deliverables will depend on the underlying facts, the clarity of professional guidelines, and the extent of investigation performed to confirm or verify any facts. The conclusions in our Fractional CFO Deliverables will be based on our good faith belief that they meet the level of assurance stated in the Fractional CFO Deliverables. Our analysis and conclusions will be based upon our professional judgment.
3.5 Reliance and Distribution. Each item of Fractional CFO Deliverables as specified in the Statement of Work is rendered only for the benefit of the named addressee(s) and does not address the consequences relating to Fractional CFO Deliverables to any other person or entity that is not an addressee. No person or entity other than the named addressee(s) may rely on the fractional CFO deliverables.
To avoid confusion regarding matters of reliance, our Fractional CFO Deliverables may not be delivered to any other party unless you advise the recipient of these limitations on reliance. You may not include any item of Fractional CFO Deliverables in any prospectus, private placement memorandum or other document used to offer any securities or to otherwise obtain financing.
Unless expressly provided in an item of Fractional CFO Deliverables, but subject to the limitations in the preceding paragraph, you are free to share the Fractional CFO Deliverables with any third party.