What are Agreed-Upon Procedures?
Your organization may be following business procedures that require factual and unbiased information so that your management staff understands how the procedure will affect operations. The required information can be used by your management staff to help determine the right course of action to take that helps your organization. To gather these findings, your business may request an agreed-upon procedure from a third-party auditor such as I.S. Partners, LLC. The agreed-upon procedure will be an outlined standard that our auditor will use to test and audit the procedure. With these findings, a report can be made that gives details of the audit results.
Benefits of Agreed-Upon Procedures
Agreed-upon procedures can be required for many different financial and non-financial reasons. If you plan to buy another business, you may ask for an agreed-upon procedures engagement to determine certain monetary information. You may have agreed-upon procedures performed to check income tax revisions, employer compliance issues, review loan portfolios or verify accounts receivable processes.
This procedure can benefit your organization when you desire factual findings without any predetermined opinions. It allows your management to create their own opinions and conclusions based on the factual findings. By having I.S. Partners, LLC perform the audit, you can be assured that the findings will not contain bias as you can obtain the information you requested.
How we can help your company
I.S. Partners, LLC will work with you to agree on the procedures to be performed and the criteria to be used to determine findings. We will execute the procedures you agree upon and evaluate the subject matter based on your organization’s report parameters. We will then provide a report that has the factual findings we collected that will be presented to management. With these reports, you organization can then proceed with modifying activities or performing new procedures that align with your organization’s objectives.