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The Episcopal Diocese of Southwestern VirginiaAn annual examination of the parishs business practices and financial condition ensures that resources are being managed in a prudent and sound manner.
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01
Review the agreed-upon procedures engagement letter to understand the scope of work.
02
Gather all necessary documentation and information related to the procedures to be performed.
03
Follow the specific procedures outlined in the engagement letter, including any testing or analysis required.
04
Document all findings and observations in a clear and organized manner.
05
Communicate any significant issues or discrepancies to the relevant stakeholders.
06
Prepare a report summarizing the procedures performed and the results obtained.

Who needs agreed-upon-procedures by outside cpa?

01
Businesses requiring assurance on specific financial information.
02
Organizations seeking an independent review of internal controls.
03
Entities looking to comply with regulatory requirements.

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Agreed-upon procedures (AUP) is a type of engagement where a CPA performs specific procedures agreed upon by the parties involved and reports the findings without providing a formal assurance.
Entities or individuals who require independent verification of certain financial information or compliance with regulations may be required to file agreed-upon procedures. This often includes businesses undergoing audits, banks, and regulatory bodies.
To fill out AUP, the entity should define the applicable financial information, outline the specific procedures to be performed, provide any necessary documentation, and ensure all parties agree on the scope and terms of the engagement.
The purpose of AUP is to provide stakeholders with relevant, objective findings based on specific procedures, which can help in decision making, ensuring compliance, or investigating financial discrepancies.
Reports on AUP must include the nature of the procedures performed, findings, and any significant issues encountered during the process, but do not include an overall opinion or assurance.
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