Agreed upon Procedures
There are times when only specific files, processes and/or accounts are selected for testing by an external auditor. When this is the case, the professionals at The LBA Group perform Agreed Upon Procedures. These procedures allow us to focus on one or more specific areas versus the compliance requirements of a full financial audit.
Examples of processes that could be tested may include:
- Internal control systems
- Payroll procedures
- Credit card transactions
The purpose of an Agreed Upon Procedures engagement is to solely to assist you in assessing your accounting procedures. As these procedures do not constitute a formal examination, we do not express an opinion on the subject matter. We submit a report listing the procedures performed and our findings. This report is intended solely for the use of you and your management team in order to assist you in making sound business decisions related to the processes in place within your organization.
Agreed Upon Procedures can prove to be extremely valuable to the operation of your business and can be performed at a much lower cost than an audit, review or compilation.