Agreed Upon Procedures
Agreed-upon procedures engagements are an often misunderstood attestation engagement and are used when a party wishes to gain some assurance over a certain financial process or financial information of another party. Normally the need for this assurance does not require a financial statement audit or review or is outside the scope of an audit or a review.
Agreed-upon procedures are performed in accordance with the AICPA’s attestation standards and therefore require us to meet various attestation standards including independence. We do not perform and audit or a review and we do not provide and opinion or negative assurance, rather our report is in the form of findings based on specific procedures. Additionally, the agreed-upon procedure engagement requires that the specified parties assume responsibility for the sufficiency of the procedures since they best understand their own needs and the use of the report is restricted to the specified parties.