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This report outlines the agreed-upon procedures performed by independent accountants for the Regional Planning Commission of Mercer County to evaluate receipts, disbursements, and balances in cash-basis

How to fill out agreed upon procedures report

How to fill out Agreed Upon Procedures Report

1. Begin with the cover page, including the title 'Agreed Upon Procedures Report'.
2. Clearly state the purpose of the report in the introduction section.
3. List the procedures that were performed on the subject matter.
4. Describe the criteria against which the procedures were tested.
5. Detail the findings for each procedure, ensuring that the results are presented clearly.
6. Include any limitations encountered during the procedures.
7. Conclude with a summary of the findings and any recommendations.
8. Ensure that the report is signed by the responsible parties.

Who needs Agreed Upon Procedures Report?

1. Organizations seeking transparency in financial reporting.
2. Stakeholders needing assurance on specific aspects of financial data.
3. Auditors who require evidence of compliance with agreed procedures.
4. Management for internal assessments and improvement.
5. Investors looking for reliable information before decision-making.

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 type of attestation report where an auditor performs specific procedures agreed upon by the auditor and the client, and reports the findings without providing an opinion.

Who is required to file Agreed Upon Procedures Report?

Entities that need to provide accountability for a specific set of financial statements or processes to stakeholders, such as investors or creditors, 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, the auditor must first agree on the procedures with the client, perform those procedures, document the findings, and then prepare the report summarizing the results based on the agreed upon criteria.

What is the purpose of Agreed Upon Procedures Report?

The purpose of an Agreed Upon Procedures Report is to provide users with factual findings based on specific procedures agreed upon by parties, which can assist in decision making without the assurance provided by a full audit.

What information must be reported on Agreed Upon Procedures Report?

The report must include the procedures performed, the findings from those procedures, any exceptions or discrepancies noted, and a statement of the specific purpose of the report along with any limitations on its use.