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Objective of an Agreed Upon Procedures Engagement

An agreed upon procedure is a standard a company or a client outlines when it hires an external party to perform an audit on a specific test or business process. The procedures which are called audit standards are designed and agreed upon by the entity conducting the audit as well as any appropriate third party.

conducting the audit as well as any appropriate third party. The objective of an agreed upon

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.

the entity and any appropriate third parties have agreed and to report on factual findings. Virtualaccountingandtax.com

As the auditor simply provides a report of the factual findings of agreed upon procedures, no assurance is expressed. Instead, users of the report assess for themselves the procedures and findings reported by the auditor and draw their own conclusions from the auditor’s work.

and draw their own conclusions from the auditor’s work. The report is restricted to those parties

The report is restricted to those parties that have agreed to the procedures to be performed since others, unaware of the reasons for the procedures, may misinterpret the results.

General Principles of an Agreed Upon Procedures in Norfolk, VA (Virginia):

The auditor should comply with the Code of Ethics for Professional Accountants issued by the International Ethics Standards Board for Accountants (the IESBA Code).

Ethical principles governing the auditor’s professional responsibilities for this type of engagement are:

Integrity:

Being honest towards the work they do without being biased, having or giving any opinion towards the company.

Objectivity:

Maintaining the ethics the auditor needs to be professional and cannot take any sides.

Professional competence and due care:

Taking the circumstances into account one should have the capability to avoid harm to another party.

Confidentiality:

Always should maintain the confidentiality of the content.

Professional behaviour:

Should show processional behaviour

Technical standards

: Auditor should maintain the technical support.

In an audit conducted under agreed upon procedures, the auditor provides only factual findings and does not offer opinions, conclusions or assurance in the final report. Following all these objectives there are various companies that offer agreed upon procedure services and Virtual is one of such company where you can get all the services.