What is an agreed-upon procedures engagement?
An agreed-upon procedures engagement involves an arrangement between an entity and a third party to produce factual findings about financial information or operational processes.
While there are numerous reasons an entity may consider an agreed-upon procedures engagement, typical drivers include:
• Poor financial performance
• Accounting issues
• System changes
• Change in decision makers
• Staff movements
• Industry/legislation changes
• Preparing for an upcoming audit
• Acquisition/sale opportunity
Key features/benefits of an agreed-upon procedures engagement:
• Defined scope
• Assist with risk management
• Assist with business process improvement
• Peace of mind to business owners
Examples of agreed-upon procedures engagements:
• Internal controls review
• Stock procedures review
• Payroll review
• Cash handling review
• Systems review
• Due diligence
To discuss how we may be able to assist your entity, please feel free to contact us.