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Agreed-upon Procedures - Important Updates on the Revised ISRS 4400

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Overview     

Recently there has been a noticeable global need for increased accountability of both financial and non-financial information. Accountants and auditors have a responsibility to enhance the degree of confidence of intended users of this information. 

As far as dependable information goes, SME clients may not need an audit, but may find Agreed-upon procedures (AUP) engagements a very useful and valuable non-audit service. ISRS 4400 (Revised), Agreed-upon Procedures Engagements, has been revised to respond to the growing demand for these engagements, particularly because a broad range of stakeholders, such as regulators, funding bodies and creditors, use Agreed-upon Procedures reports to address increased accountability.  

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Competencies developed in this webinar 

   By attending this webinar you will develop the following competencies:   

• Knowledge of when an organisation will require an AUP engagement instead of the other assurance and related services. 

• Be aware of the contents of the revised ISRS 4400 and all the significant enhancements made to it.  

• Know and apply statutory, professional and ethical issues related to the undertaking of an AUP engagement. 

• Apply key matters which underlie the agreement of scope and terms of an AUP engagement.  

• Identify the possibility of, and need to, rely on other parties when performing an AUP engagement. 

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Content   

   The webinar will cover the following topics:   

• Introduction 

  • What is an Agreed-upon Procedures (AUP) engagement? 

  • When is it appropriate to use? 

  • Benefits of Agreed-upon Procedures. 

  • AUPs on financial and non-financial information (by regulation and by demand). 

• Content of the full ISRS 4400 in a nutshell: 

  • Objectives. 

  • Requirements (Planning, Procedures and Reporting). 

  • Application. 

  • Other explanatory material and appendices. 

• Significant changes to the Revised ISRS 4400: 

  • Scope and responsibilities. 

  • Compliance with independence requirements. 

  • Professional judgment. 

  • Engagement acceptance and continuance. 

  • Using the work of a practitioner’s expert. 

  • The Agreed-upon Procedures Report. 

• Bonus material published by IFAC: 

  • Choosing the right service – comparing Audit, Review, Compilation and Agreed-upon Procedures. 

  • Growing your practice with Agreed-upon Procedures engagements. 

  • Case study examples.