There is an easier method to receiving assurance related to your financial reporting process and controls. An agreed upon procedures (AUP) engagement evaluates the factual results of specific accounting records without confirming the adequacy of the data. A report is then issued with details of the specific procedures performed and the results of such procedures. Such report is restricted to those parties which have agreed to the procedures to be performed.
So why would your organization need an agreed upon procedure? AUP engagements can be attractive to businesses who may not require an audit, but may need to provide key information to banks, investors, or other stakeholders. AUP engagements offer greater flexibility compared to typical assurance services like audit, review and compilations.
Whether you are preparing to sell your business, purchasing a business or need agreed upon procedures for other reasons, our assurance team will work with you to identify the appropriate agreed-upon procedures to reach your desired result. Our AUP engagements are performed in accordance with the standards issued by the American Institute of Certified Public Accountants (AICPA).
Examples of situations in which an AUP engagement may be useful, include:
- Mergers and acquisitions – evaluating potential situations
- Litigation preparation – determining whether fraud has been committed
- Internal controls – structure review and testing
- Compliance with specified terms of an agreement