Agreed Upon Procedures (AUPs) are designed to give your business or organization more flexibility in terms of scope, intent and output than what traditional financial statement audits provide. An AUP is a best practices option if you need factual reporting – without opinions, conclusions or assurances on findings – for a very specific issue or specific purpose outside of the scope of a review or compilation.
Examples of where you might find an AUP valuable include reporting on findings for:
Effectiveness of a specific internal control
Fraud investigations
Governmental requirements
Numerous aspects of business, financial or operational data used in merger & acquisition (M&A) due diligence efforts
Status of any type of federal, state, or local regulatory compliance or reporting obligations
Status of compliance with requirements of a debt agreement
Status of compliance with requirements of a lease agreement
Status of contractual obligations
Privately held, nonprofit and governmental entities look to us to deliver findings in an AUP that can be delivered to a third-party. This is typically a request for facts about an organization’s handling of a specific issue, elements of a financial statement needing more detail or insight, or the status of compliance with regulatory or contractual obligations.
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A CLIENT’S PERSPECTIVE…
“My advisor helped us solve a real problem situation. Our former advisor quit the business because of health issues, and his family was not able to retrieve our company records. So, a lot of data had to be mined from old returns and other records we had available. She has been thorough and diligent in her efforts to provide a correct base of data for our future use.”
