Performing Agreed-Upon Accounting Procedures and Preparing a Professional Findings Report
Agreed-upon procedures engagements involve performing specific accounting procedures on financial statements as a whole or on selected financial items, based on prior agreement with the concerned parties. A licensed accountant issues a professional report presenting the factual findings resulting from the performed procedures.
These services are conducted in accordance with the International Standard on Related Services (ISRS 4400), whereby the scope of procedures is clearly agreed upon, and the report outlines both the procedures performed and the factual results identified. The report may also include supporting appendices related to the findings.
Such reports are frequently required by official authorities, including police departments, public prosecution offices, and courts, to support requests and enable referral to the competent authorities.
Examples of these reports include:
- Issuing limited review reports on specific financial data within financial statements to support management decision-making.
- Providing professional reports on disputed financial items to assist involved parties in reaching settlements.
- Assisting management in examining financial items suspected of embezzlement or misappropriation.
- Issuing specialized reports addressed to relevant authorities concerning specific financial matters, including:
- Embezzlement reports, theft reports, and breach of trust reports.
- Case-related reports submitted to commercial courts and general courts.