Agreed-Upon Procedures Services
The objective of an agreed-upon procedures engagement is for the auditor to carry out procedures of an audit nature to which the auditor and the entity and any appropriate third parties have agreed and to report on factual findings.
As the auditor simply provides a report of the factual findings of agreed-upon procedures, no assurance is expressed. Instead, users of the report assess for themselves the procedures and findings reported by the auditor and draw their own conclusions from the auditor's work.
Examples of where an agreed-upon procedures service is useful are as follow:~
- House to house / street collection fund raising appeals
- Initiatives in New Technology Programme ("INTECH")
- Innovation Development Scheme ("IDS")
- Lucky draw under common gaming houses (exemption) notification
- Net economic value statement of statutory boards
- Qualifying intermediary withholding tax agreements
- Research and Development Assistance Scheme ("RDAS")
- Shareholdings to the Comptroller of Income Tax