Companies will occasionally identify a need for the involvement of independent advisors to complete a defined scope of work – for instance, to consider the detail of certain transactions and report on findings – without the provision of an assurance opinion.
This work may be completed to a level of detail above that of an audit in certain circumstances and provide significantly increased implied assurance over certain transactions. Overall, it provides the engaging company significant involvement in the defining of the procedures to be performed.
These engagements are referred to as ‘Agreed Upon Procedures’ engagements and are governed by the Australian Auditing Standards.
How we help
While not a common engagement type, Grant Thornton has significant expertise in such engagements and can assist in the defining of an appropriate and efficient scope of engagement – and agreed upon procedures – to meet the needs of your company.
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