Reminder: ISRS 4400 (Agreed-Upon Procedures engagements)

23 November 2021
Accounting
South African Accounting Academy

For engagements covering multiple years, practitioners may wish to update the terms of engagement so that the AUP engagements will be conducted in accordance with the revised standard.

The revised requirements and application material promote consistency in the performance of agreed-upon procedures engagements, and include enhancement relating to, among other matters, the exercise of professional judgement, compliance with independence requirements, engagement acceptance and continuance considerations, using the work of a practitioner’s expert, and greater clarity and transparency in the agreed-upon procedures report.

Click here to download the Revised Standard:

https://www.iaasb.org/publications/international-standard-related-services-isrs-4400-revised

How does this affect you and your clients?

Relevance to Auditors, Independent Reviewers & Accountants:

Professional accountants, auditors and independent reviewers must adhere to relevant International Standards whilst performing their duties, otherwise they may be found to be negligent (and hence incur liability).
Practically, the revised standard contains enhancements that must be evident in your working paper file for AUP engagements on or after 1 January 2022,

Relevance to Your clients:

Your clients must have proper knowledge of the terms of the agreed-upon procedures, and this should be set out in your engagement letter with them.

To stay current with all the latest changes and updates subscribe to our Monthly Compliance and Legislative Update series for R 250.00 per month. This gives you access to a monthly 2-hour webinar and monthly newsletter: https://accountingacademy.co.za/profession/monthly-legislation-update

Get all your CPD online. SA Accounting Academy (SAAA) offers Subscription Plans, Live Webinars, Webinars On-Demand, Access to Experts, Courses, Articles and more: https://cpd.accountingacademy.co.za.