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AUP engagements are flexible and can be customized to address specific concerns or objectives identified by the client. The client and auditor work together to define the scope and nature of the procedures.
As with any audit engagement, independence, and objectivity are essential in AUP engagements. The auditor remains independent and exercises professional judgment throughout the meeting, providing unbiased and factual findings based on the agreed-upon procedures.
The procedures performed in an AUP engagement are explicitly defined in the engagement agreement. These procedures include examination, confirmation, observation, inspection, reconciliation, and analysis of specific financial or non-financial information or transactions. The nature and extent of the methods will depend on the particular objectives of the engagement.
Unlike traditional audit engagements that provide an opinion, AUP engagements result in a report of factual findings. The report outlines the procedures performed and the results obtained, presenting the findings to the client without expressing an opinion or conclusion on the subject matter.
The report resulting from an AUP engagement is typically limited in distribution and intended for specific parties as defined in the engagement agreement. The findings are not intended for general use or reliance by third parties, as there is no expression of assurance or opinion provided.
The auditor communicates with the client throughout the engagement, discussing the procedures, progress, and any significant findings. The final report includes all functions performed and all relevant information agreed upon.
AUP engagements provide clients with an independent assessment of specific areas or objectives tailored to meet their needs. Teuscher Walpole’s AUP services are designed to provide factual findings based on agreed-upon procedures, offering valuable insights to assist clients in making informed decisions or addressing specific concerns.
Contact us to discuss your particular requirements and how our AUP services can meet your needs.
We are a trusted and experienced team of certified public accountants dedicated to providing our clients with exceptional financial and advisory services.