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This document outlines the procedures performed by independent accountants to assist the Republican Executive Committee of Butler County, Ohio in evaluating compliance with specific requirements and

How to fill out agreed upon procedures report

How to fill out Agreed Upon Procedures Report

1. Title the report 'Agreed Upon Procedures Report'.
2. Identify the parties involved, including the entity subject to the procedures and the practitioner performing the report.
3. Describe the specific agreed-upon procedures conducted in detail.
4. Clearly state the purpose of the procedures and their scope.
5. Present the findings and results of each procedure performed.
6. Include any significant findings or exceptions discovered during the procedures.
7. State any limitations or restrictions related to the report.
8. Conclude with a statement reinforcing that the report is based on the procedures agreed upon with the specified parties.

Who needs Agreed Upon Procedures Report?

1. Entities undergoing audits or reviews.
2. Management seeking validation of processes or compliance.
3. Stakeholders requiring assurance on specific financial or operational matters.
4. External parties interested in understanding the entity's operations or controls.

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 engagement in which an auditor performs specific procedures that the client and auditor agree upon. The report details the findings based on those procedures.

Who is required to file Agreed Upon Procedures Report?

Organizations or entities that need to provide assurance on specific aspects of their financial operations or compliance, often required by stakeholders or regulatory bodies.

How to fill out Agreed Upon Procedures Report?

The report should be filled out by the auditor after performing the agreed procedures, detailing the methodology used, findings, and any observations made during the process.

What is the purpose of Agreed Upon Procedures Report?

The purpose is to provide a third-party validation of specific transactions or processes based on agreed-upon criteria, offering stakeholders reliable information for decision-making.

What information must be reported on Agreed Upon Procedures Report?

The report must include the procedures performed, the findings, any discrepancies noted, and any relevant recommendations based on the results of the procedures.