WHAT ARE AGREED-UPON PROCEDURES?
Your auditor performs only specified procedures agreed with you in advance and provides a report based on factual findings regarding financial information-no assurance is obtained and neither is a conclusion nor opinion expressed. The report is not distributed publicly—it is restricted to those parties that have agreed to the procedures. The exact procedures are discussed and agreed with you and can focus on those areas which you believe will provide the most value.
WHAT ARE THE BENEFITS OF AGREED-UPON PROCEDURES?
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It offers flexibility, as the service can be tailored to different circumstances and focused in individual items of financial data.
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Users may request specific work to be performed, as well as specify the format of required reporting.
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Factual findings may be reported with respect to the effective operation of financial reporting processes and controls.
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An annual agreed-upon procedures report can be included as a supplement to the financial statements adding credibility and comfort and comfort to management and staff.
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It may satisfy financing or supplier-specific needs.