An Agreed-Upon Procedure (AUP) engagement is a process where the auditor performs specific audit-related procedures as agreed upon by the auditor, the entity, and any relevant third parties. The auditor provides factual findings, which help the parties receiving the report make informed conclusions. Companies can consult with experienced auditors like AARMAK to avail of professional agreed-upon procedure services in Dubai.
It is important to note that the auditor’s report is restricted to the parties involved in agreeing to the procedures. This ensures that only those aware of the context of the procedures understand the results. Agreed-upon procedures can also boost the credibility of the information provided to third parties such as banks, regulatory agencies, investors, or buyers.
When auditors are hired for a specific test or review, they agree on the engagements to be performed. Agreed-upon procedures are often conducted during special situations such as acquisitions, lender requests for financial reviews, or landlord-tenant financial assessments. AARMAK offers the best agreed-upon procedure services in Dubai to handle various business needs efficiently.
In an AUP engagement, auditors may perform procedures similar to an audit but on a limited scope. These procedures focus on identifying specific issues requiring immediate attention or addressing specific actions agreed upon in the engagement. Unlike a full audit, the auditor does not issue an opinion but acts as a fact-finder.
The auditor prepares a report detailing the procedures performed and the findings. It is up to the report’s users to draw their conclusions from the findings. Agreed-upon procedures can target areas such as financial data, internal controls, compliance, or specific financial statements.
Agreed-upon procedures cover both financial and non-financial information. Common examples include:
During an AUP engagement, the auditor provides a factual report without expressing assurance. The findings are left for the users to interpret. The AUP process often includes:
Agreed-upon procedures offer businesses several advantages in the UAE. These procedures can be performed at any time during the year and provide reliable information for third parties. Businesses also have the flexibility to select procedures that suit their needs, making the process cost-effective.
Agreed-upon procedure engagements are particularly beneficial in the following circumstances:
Agreed-upon procedure services are invaluable for businesses of all sizes, including large entities and SMEs. Even companies not required to undergo a full audit can benefit from AUPs for various purposes, such as meeting bank or vendor requirements.
AARMAK offers expert Agreed-Upon Procedure services tailored to meet the unique needs of businesses in Dubai and the UAE. Our team of highly qualified audit professionals provides specialized financial reporting and factual findings to help companies evaluate their financial records effectively. With AARMAK, you can be confident in receiving accurate and reliable audit-related services that support your business goals.
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