Is agreed upon procedures attest engagement?
An agreed-upon procedures attest engagement is one in which a practitioner is engaged to issue a report of findings based on specific procedures performed on subject matter.
Who can perform agreed upon procedures engagement?
1. This Standard on Related Services applies to agreed-upon procedures engagements to be performed by an assurance practitioner, where factual findings are reported but no conclusion or opinion is expressed and no assurance is provided by the assurance practitioner.
When Should agreed upon procedures be used?
An agreed-upon procedure is a standard a company or client outlines when it hires an external party to perform an audit on a specific test or business process. The procedures, which are called audit standards, are designed and agreed upon by the entity conducting the audit, as well as any appropriate third parties.
Do you need to be independent for agreed upon procedures?
Attestation Independence The practitioner has to be independent in order to perform an AUP. One exception exists when the practitioner “is required by law or regulation to accept an agreed-upon procedures engagement and report on the procedures performed and findings obtained.”
What are examples of agreed-upon procedures?
What are agreed-upon procedures?
- Due diligence when buying or selling a business.
- Verifying cash balances.
- Checking security balances.
- Income tax provisions.
- Accounts receivable/payable processes.
- Special reviews of loan portfolios.
- Reviews of internal control and environmental management systems.
- Royalty agreements compliance.
Do you have to be independent to perform agreed-upon procedures?
Who can perform agreed upon procedures?
the practitioner
In an agreed-upon procedures engagement, the practitioner performs the procedures that have been agreed upon by the practitioner and the engaging party, where the engaging party has acknowledged that the procedures performed are appropriate for the purpose of the engagement.