During an agreed-upon procedure engagement our qualified teams offer insightful counsel and collaborate with clients to agree upon the set of procedures that will need to be followed based on the client's needs. This could relate to a financial statement component or another written assertion.
These procedures cover an agreed upon aspect of the client's business information, rather than their whole financial statements. Our team performs the procedures and reports the results on a factual basis and do not express an opinion or negative assurance. Instead, the report is in the form of procedures and findings.
Agreed-upon procedures are a recommended business practice in circumstances such as:
Financial Statements Review
Financial statements provide the required information in a usable format to assist businesses make the best decisions. A review engagement is another form of assurance that can meet the needs of some businesses particularly SMEs without putting undue strain on time and other resources.
A review is a limited assurance engagement; it provides less assurance than an audit. It may help businesses that require some level of independent assurance to increase the credibility of their financial statements, for example, when seeking a loan from a bank. In these cases, a review can be an ideal solution.
Why Financial Review Engagement?
The labour and time restraints involved in performing a review engagement are generally less than that required when conducting an audit. As such a review is a more cost-effective option while still involving the financial reporting expertise of experienced auditors.