Agreed-upon procedures engagement
An agreed‑upon procedures engagement is neither an audit nor an assurance engagement. It does not involve obtaining the evidence necessary for the practitioner to express an audit opinion or an assurance conclusion.
The procedures are agreed between the practitioner and the engaging party directly, and are to be performed in accordance with the established order and the entity's internal regulations governing such procedures.
The practitioner is not responsible for the completeness, accuracy, timeliness, or suitability of the data provided by the engaging party for the purposes of the engagement.
The engaging party and other intended users are solely responsible for evaluating the agreed procedures and the findings presented by the practitioner in the report, and for drawing their own conclusions.
The service is intended for shareholders (founders), senior executives of the entity, and is used to obtain professional judgments on each of the agreed‑upon procedures.
A prerequisite for commencing the engagement is the execution of an engagement letter setting out the terms and conditions of the agreed‑upon procedures engagement.
The engagement is conducted as per International Standard on Related Services (ISRS) 4400 (Revised) "Agreed‑Upon Procedures Engagements".
Upon completion of the engagement, the audit firm issues a report on the agreed‑upon procedures performed.
The work performed aims at providing an alternative professional judgment, enabling management to gain greater confidence in the correctness of its own conclusions and to improve the quality of the reporting documentation issued.
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