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This report describes the procedures performed to assist the Village Council and Mayor of the Village of Antioch in evaluating receipts, disbursements, and balances recorded in their cash-basis accounting

How to fill out agreed-upon procedures report

How to fill out Agreed-Upon Procedures Report

1. Title the report clearly as 'Agreed-Upon Procedures Report'.
2. Identify the parties involved including the entity and the practitioner.
3. List the procedures agreed upon by the parties.
4. Provide a description of the nature, timing, and extent of the procedures performed.
5. Document the results of each procedure performed.
6. Include any findings or areas of concern related to the agreed-upon procedures.
7. Conclude with a statement about the practitioner's independence and compliance with professional standards.
8. Sign and date the report.

Who needs Agreed-Upon Procedures Report?

1. Entities seeking to provide assurance to stakeholders.
2. Banks and financial institutions requiring verification of financial data.
3. Investors needing a clearer understanding of financial health.
4. Auditors conducting preliminary assessments.
5. Regulators monitoring compliance with laws and regulations.

People Also Ask about

What should the report on an agreed-upon procedures engagement contain?

. 21 The report of an agreed-upon procedures engagement needs to describe the purpose and the agreed-upon procedures of the engagement in sufficient detail to enable the user to understand the nature and extent of the work performed.

What is the objective of agreed upon procedures?

The objective of an agreed-upon procedures engagement is for the auditor to carry out procedures of an audit nature to which the auditor and the entity and any appropriate third parties have agreed and to report on factual findings.

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.

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 are the benefits of agreed upon procedures?

Customization and Flexibility: One of the primary benefits of AUP is the ability to tailor the procedures to meet specific needs. Businesses can focus on particular areas of concern or interest, such as specific financial transactions, internal processes, or compliance with certain regulations.

What is the meaning of agreed upon?

Definitions of agreed upon. adjective. constituted or contracted by stipulation or agreement. synonyms: stipulatory. noncontroversial, uncontroversial.

What are agreed procedures?

agreed procedure in British English (əˈɡriːd prəˈsiːdʒə ) noun. business. an official set of guidelines of the steps that should be followed in the event of a dispute between two parties, esp in arbitration between employee and employer.

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.

For pdfFiller’s FAQs

What is Agreed-Upon Procedures Report?

An Agreed-Upon Procedures Report is a type of engagement in which an auditor performs specific procedures that are agreed upon by the client and a third party, and reports the findings.

Who is required to file Agreed-Upon Procedures Report?

Entities or individuals who undergo specific audit processes as requested by stakeholders, such as investors, regulators, or lenders, may be required to file an Agreed-Upon Procedures Report.

How to fill out Agreed-Upon Procedures Report?

To fill out an Agreed-Upon Procedures Report, auditors outline the agreed procedures, perform the tests, document the findings, and compile a report stating the results based on evidence collected.

What is the purpose of Agreed-Upon Procedures Report?

The purpose of the Agreed-Upon Procedures Report is to provide assurance to third parties regarding specific aspects of financial information or processes without offering an overall opinion on the financial statements.

What information must be reported on Agreed-Upon Procedures Report?

The report should include the agreed-upon procedures performed, the findings from those procedures, any limitations encountered, and the conclusions drawn, as well as details about the parties involved.