This lesson focuses on the objectives and scope of agreed-upon procedures (AUP) engagements. It begins by highlighting the main goals of an AUP, which are to apply specific procedures to a subject matter and present the findings in a written practitioner's report without providing an opinion or conclusion. The lesson then delves into the scope and terms of AUPs and their similarities and differences compared to audits. It emphasizes the importance of client determination and agreement on appropriate procedures and the requirement for the practitioner to be independent. Additionally, the lesson discusses the affordability, flexibility, and trustworthiness of AUPs compared to audits, while also addressing their application in due diligence engagements, determining compliance, and detecting misrepresented financial results.
Lesson: Objectives and Scope of Agreed-Upon Procedures
This lesson focuses on the objectives and scope of agreed-upon procedures (AUP) engagements. It begins by highlighting the main goals of an AUP, which are to apply specific procedures to a subject matter and present the findings in a written practitioner's report without providing an opinion or conclusion. The lesson then delves into the scope and terms of AUPs and their similarities and differences compared to audits. It emphasizes the importance of client determination and agreement on appropriate procedures and the requirement for the practitioner to be independent. Additionally, the lesson discusses the affordability, flexibility, and trustworthiness of AUPs compared to audits, while also addressing their application in due diligence engagements, determining compliance, and detecting misrepresented financial results.
Updated: June 22, 2023 Create an account