Agreed-upon procedures are a tailored audit approach to meet specific client needs.
What are the areas that are of greatest concern to you? Typically we would work with your organisation to find the areas of concern, and clearly ring-fence these areas and the extent of testing we are to perform. For example areas where we have been asked to undertake agreed-upon procedures are:
- Internal control systems review.
- Procedures for payment of suppliers invoices.
- The adequacy of banking procedures.
- Anti Money-Laundering / Combatting Financing of Terrorism audits.
- Independent accountants report
- Forecasts and procedures.
The results of our work are reported in a factual manner detailing what we tested, and the results of that testing. We do not draw any conclusions about the financial report as a whole.
WHY MIGHT THIS BE RIGHT FOR YOU?
This is compromise option:
- Governing Body still demonstrates a proactive approach to risk management.
- Access to professional expertise.
- More efficient as effort is specifically targeted at areas of concern only.
- Less cost than a full audit.
The most common standard is ISAE (NZ) 3000: Assurance Engagements Other than Audits or Reviews of Historical Financial Information.
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