Agreed-Upon Procedures

ISRS 4400 (Revised), Agreed-Upon Procedures Engagements, has been revised to respond to the growing demand for these engagements. A broad range of stakeholders, such as regulators, funding bodies and creditors, use agreed-upon procedures reports for a variety of reasons. The revised requirements and application material promote consistency in the performance of agreed-upon procedures engagements, and include enhancement relating to, among other matters, the exercise of professional judgement, compliance with independence requirements, engagement acceptance and continuance considerations, using the work of a practitioner’s expert, and greater clarity and transparency in the agreed-upon procedures report. It is effective for engagements for which the terms of engagement are agreed on or after 1 January 2022.