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This report describes the agreed-upon procedures performed to assist the Board of Commissioners and management of the Warren County Regional Planning Commission in evaluating their cash-basis accounting

How to fill out agreed upon procedures report

How to fill out Agreed Upon Procedures Report

1. Gather necessary documentation and information relevant to the procedures being performed.
2. Define the objectives and scope of the agreed-upon procedures.
3. List the specific procedures to be performed in detail.
4. Ensure that all parties involved agree on the procedures and objectives before starting.
5. Conduct the procedures in accordance with the agreed standards.
6. Document findings and observations during the performance of the procedures.
7. Compile the results into the Agreed Upon Procedures Report, including a description of the procedures performed and the findings.
8. Obtain timely feedback and approval from the client and any other stakeholders.

Who needs Agreed Upon Procedures Report?

1. Businesses undergoing audits that require verification of specific transactions or processes.
2. External auditors seeking to provide assurance on particular financial statement items.
3. Clients wishing to provide stakeholders with assurance on the effectiveness of their internal controls and processes.
4. Regulatory bodies that may require evidence of compliance with specific regulations or standards.
5. Investors and stakeholders who need assurance on certain aspects of financial health or operational efficacy.

People Also Ask about

Is an AUP an audit?

However, an agreed-upon procedure differs from an audit in several ways. Where the goal of an audit is to provide an overall assurance of compliance, integrity and authenticity, an AUP isn't intended to provide this level of assurance; it's a fact-gathering exercise intended to address a specific area of concern.

What is the meaning of agreed-upon procedure?

An agreed-upon procedures engagement is an attestation engagement where a CPA issues a report of findings based on specific procedures performed on the subject matter.

What is the difference between audit and aup?

Audits are broad in scope, covering the entire set of financial statements. AUPs are narrow in scope and focus on specific areas or issues. Audits are generally more expensive and resource-intensive than AUPs. Consider the budget and whether the additional cost of an audit is justified.

What is a practitioner's report on agreed-upon procedures?

In an agreed-upon procedures engagement, the practitioner does not perform an examination or review engagement on the subject matter and does not provide an opinion or conclusion about the subject matter. The practitioner's report on agreed-upon procedures is in the form of procedures and findings.

What is the difference between auditing and assurance standards?

The audit ensures that the financial reports are presented fairly, ethically, and accurately, and comply with the accounting standards/principles. Assurance evaluates the accuracy of given financial reports/records and conveys the authenticity of such information to all stakeholders.

What is the difference between an audit and agreed-upon procedures?

AUP engagements are tailored to address specific concerns or areas of interest, providing a lower level of assurance without an opinion on the overall financial statements or internal controls. In contrast, financial statement audits offer a higher level of assurance with an opinion on the company.

What is an example of an agreed-upon procedure?

Examples of agreed-upon procedures The following are several examples: Due diligence reviews required before acquisitions or other major contracts. Testing of internal controls, security procedures and fraud detection processes.

For pdfFiller’s FAQs

What is Agreed Upon Procedures Report?

An Agreed Upon Procedures Report is a document that outlines specific procedures that an auditor is to perform on a particular subject matter, and it provides findings based on those procedures. It is not an audit opinion but rather a report of factual findings.

Who is required to file Agreed Upon Procedures Report?

Typically, organizations or entities requiring assurance on specific aspects of their operations, such as grant recipients, non-profits, or companies undergoing a compliance review, may be required to file an Agreed Upon Procedures Report. The requirement often comes from stakeholders or regulatory bodies.

How to fill out Agreed Upon Procedures Report?

To fill out an Agreed Upon Procedures Report, the auditor must determine the agreed-upon procedures, carry them out, document the results, and compile these findings into a report format that is clear and organized, ensuring all parties understand the procedures performed and the outcomes.

What is the purpose of Agreed Upon Procedures Report?

The purpose of an Agreed Upon Procedures Report is to provide a level of assurance regarding specified assertions or compliance with regulations, without providing an overall opinion on the financial statements or the subject matter.

What information must be reported on Agreed Upon Procedures Report?

The report must include details of the agreed-upon procedures performed, the findings based on those procedures, any exceptions or discrepancies discovered, and a description of the nature of the engagement. It should specify who requested the procedures and state that the report is intended for a specific audience.