What requirements exist for an agreed upon procedures engagement?

AUP Documentation

• Written agreement with the engaging party regarding the appropriateness of the procedures performed for the intended purpose of the engagement.
• The nature, timing, and extent or procedures performed.
• The results of the procedures.

Are agreed upon procedures assurance engagement?

Agreed-Upon Procedures (AUP) Engagements: the practitioner provides a report based on factual findings regarding financial information—no assurance is expressed. The report is not distributed publicly—it is restricted to those parties that have agreed to the procedures.

Can a non CPA perform agreed upon procedures?

An agreed-upon procedures engagement cannot be performed because the CPA is not independent, or because there is no assertion of a responsible party.

What are some basic accounting procedures?

Financial Statements. Another basic accounting procedure is generating financial statements. Financial statements for a business are normally produced at the end of each month and are always produced at the end of each fiscal year. The three common financial statements generated are the income statement, balance sheet and statement of owner equity.

What are generally accepted accounting standards?

Generally accepted accounting principles, or GAAP, are a set of rules that encompass the details, complexities, and legalities of business and corporate accounting. The Financial Accounting Standards Board (FASB) uses GAAP as the foundation for its comprehensive set of approved accounting methods and practices.

What are standard accounting practices?

standard accounting practice. Definition. A set of rules that a company must follow when reporting information on its financial statement. The standard accounting practice guidelines allow companies to be compared to each other because they have followed the same rules.

What are the generally accepted accounting principles?

Generally accepted accounting principles (GAAP) are varied but based on a few basic principles that must be upheld by all GAAP rules. These principles include consistency, relevance, reliability, and comparability. Consistency means that all information should be gathered and presented the same across all periods.