An AUP engagement performed by an independent third party focuses on defined agreed-upon procedures on a specific subject matter. The subject matter of an AUP engagement may take many different forms and focus on a point in time or cover a period of time. The specified parties to the engagement take responsibility for the sufficiency of the agreed-upon procedures for their purposes.
The report delivered at the end of the engagement, the “Independent Accountant’s Report on Applying Agreed-Upon Procedures”, includes all standard language required by the American Institute of Certified Public Accountants (AICPA) covered under the attestation standards, to include the following:
Please note: Due to the confidential nature of the report it is considered a limited distribution report to those specified parties to the engagement.
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If you answer yes to any of the following, then an AUP is your starting point on your path to compliance:
Question 1: Is your team required to have an independent third party perform procedures that relate to specific duties/functions/operations or risk areas for your company due to contractual obligations or third party requests? Typically, these procedures have definite or distinct requirements which are limited in scope.
Question 2: Do you need an internal controls structure review in order to determine the strength of and validate the implementation of the controls to meet any regulatory requirements?
Question 3: Are you seeking to grow through mergers or acquisitions and have potential targets?
Question 4: Is the industry you are in highly regulated and you would benefit from compliance reviews focused on your current regulatory environment or the environment you are moving towards such as governmental, financial and healthcare arenas?