Who can perform agreed upon procedures?

Who can perform agreed upon procedures?

Agreed-upon procedures standard

The figure of the auditor is required to perform a series of tasks consisting of applying certain procedures that the client needs to review, agreeing to contract services for the performance of an agreed-upon procedures report or an agreed-upon procedures audit report for the analysis of certain items of the financial statements.

One of the objectives of this audit work is for the auditor to report on the results obtained or found, but not to issue an opinion on them. The concepts covered by the auditor’s work within the typology of these audit procedures include, among others:

In short, knowing the real state of the company’s accounts is essential for the good development of the company, so adapting the accounts as much as possible to the true picture to which they must attend, is a multiplier effect, where auditors are great allies to manage the strategic decision-making process of the company.

What can the agreed-upon procedures include in an assignment?

The procedures agreed upon in such an assignment may include: – Inquiries and analysis. Checking calculations, comparisons and other tests of arithmetical accuracy. Observation. Inspection.

What is an agreed-upon procedure?

An agreed-upon procedures engagement is one in which an auditor is engaged to perform audit procedures that have been agreed with the client and, where appropriate, with interested third parties, reporting on the specific facts identified.

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What is an agreed-upon procedure?

The purpose of the agreed-upon procedures is to establish standards and provide guidance on the auditor’s professional responsibilities when performing agreed-upon procedures on financial information, and on the form and content of the auditor’s report issued in connection with the audit of financial information.

Nisr 4400 and 4410

Companies that are not required to be audited may consider other options, such as, for example, carrying out a review with a narrower scope, focusing on those aspects that are considered to be of greater interest or of greater risk to the entity. This is called the Agreed-upon Procedures Report.

In this report, the auditor is required to carry out work by means of which certain review procedures previously agreed with the client that engages its services and/or with the interested users are applied.

What is NISR?

The purpose of this International Standard on Related Services (ISRS) is to establish standards and provide guidance on the auditor’s professional responsibility1 when performing an engagement to perform agreed-upon procedures on financial information and on the form and content of the auditor’s report.

What is the purpose of the International Related Services Standard NISR 4400?

The purpose of this International Standard on Related Services (ISRS) is to establish standards and provide criteria on the auditor’s professional responsibility when performing an engagement to carry out agreed-upon procedures on financial information and in relation to the form and content of the audit report.

When do the NISR apply?

when a financial statement compilation engagement is performed and in relation to the format and content of the report issued by the accountant as a result of such an engagement. 2. This ISRS relates to engagements for the compilation of financial information.

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Audit of agreed procedures

Certain entities that calculate their turnover on the basis of the units placed on the market (see Ecoembes), require, in the event that the company is audited, the verification by the auditor of the reality of these units through the performance of a series of procedures aimed at verifying these units through the supporting documentation of the same, sales statistics, etc.

Verify the general and particular conditions for the granting of a subsidy; Compare the supporting account of expenditures presented to the corresponding body with the supporting documentation, with the documents justifying the payment and with the accounting records; Find out whether the entity has obtained other subsidies for the same project.

What is NISR 4410?

AG-1 The purpose of this International Standard on Related Services 4410 is to establish standards and provide guidance on the professional responsibilities of the public accountant when undertaking work to compile financial information and on the form and content of the report that the public accountant should prepare.

What is the scope of ISA 800?

Scope of this ISA

This ISA deals with the special considerations in applying these ISAs to an audit of financial statements prepared in accordance with a specific purpose reporting framework.

Who makes the 9010 and 9020 bulletins?

The National Executive Committee of the IMCP, through the Vice-Presidency of Legislation and its Auditing Standards and Procedures Committee (CONPA), announces the projects: Bulletin 9010 “Review of Financial Statements” and Bulletin 9020 “Review of Interim Financial Information Performed by the Auditor of the …

Nisr 4400 pdf

The agreed-upon procedures report does not constitute an audit and, therefore, the auditor does not express an opinion on the information reviewed. It is for the users of the report themselves to draw their own conclusions on the work performed and the facts found. The procedures applied are those agreed between the auditor and the company. The auditor assumes no responsibility for their adequacy and is not obliged to perform procedures in addition to those agreed upon.

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Based on the foregoing, the agreed-upon procedures report clearly states that their use is restricted to the company and, where appropriate, to interested third parties, since outsiders who are unaware of the reasons for them could misinterpret the results.

In this case, the agreed-upon procedures report consists of the verification of specific aspects of the financial statements, such as, for example, the review of additions to property, plant and equipment for the year, the verification of the collectability of customer balances at year-end, or the correct accounting of certain financial liabilities.