In an agreed-upon procedures engagement, we execute definitive procedures to benefit our clients or other specified users of our report in assessing certain subject matter or assertions about subject matter, following a process driven exclusively by the needs of your business. Our clients or specified users of our report agree upon the procedures to be performed and take responsibility for the sufficiency of the procedures for their purposes. The procedures we perform are applied to the subject matter based upon the criteria established. Our report on the results of applying the agreed-upon procedures are in the form of our findings.
The subject matter for an agreed-upon procedures engagement may take many forms and may be as of a specific date or for a defined period of time. Examples of agreed-upon-procedures engagements include a) due diligence on buying a business, b) specific issues relating to selling a business, c) specific audit testing on areas sensitive to fraud