What does it take to properly perform an agreed-upon procedures (AUP) engagement under the AICPA Professional Standards? Find out in this session as we explore in detail AUP engagements, as they are one of the most misunderstood and under-utilized service out there for accountants. An AUP engagement is one in which a CPA firm or sole practitioner is engaged by a client to issue a report on findings based on specific procedures requested by their client (the “subject matter”). The client engages the CPA firm or sole practitioner to go on a “fact-finding” mission and report back to management what they have found and let management decide what to do next with that information. In these types of engagements, there is no assurance provided by the accountant.
Publication Date: June 2021
Designed For
CPA firms and sole practitioners who are either performing or considering performing AUP engagement services for small to mid-size private entities.
Topics Covered
- Introduction
- Overview
- AUP vs. Consulting
- Accepting an AUP Engagement
- Planning an AUP Engagement
- Procedures to Perform
- Workpaper Documentation
- Review & Evaluation of Workpaper Files
- AUP Reporting
- Resources
Learning Objectives
- Recognize both practical and insightful perspectives on how a CPA firm or sole practitioner take into consideration the most recent changes for AUP engagements
- Recognize the most common ways AUP engagements are used
- Describe how to properly identify who is responsible party and what procedures should be performed
- Identify what AT-C firms should provide AUP engagements for
- Identify a characteristic/requirement of SSAE No. 19
- Differentiate which AT-C establishes requirements specific to performing AUP engagements
Level
Intermediate
Instructional Method
Self-Study
NASBA Field of Study
Auditing (2 hours)
Program Prerequisites
Some experience in performing agreed-upon procedures engagements.
Advance Preparation
None
Instructor
Salvatore Collemi
Salvatore A. Collemi, CPA is the Managing Member and Founder of Collemi Consulting and Advisory Services, LLC where he relies on over two decades of global business experience to guide U.S. and International public accounting firms, litigation attorneys, valuation experts, the C-suite and related institutions that support the profession in order to promote and enhance audit quality.
His practice provides outsourced high-level strategic and technical accounting & auditing guidance. Services include a full range of U.S. and International accounting & auditing consultations, technical reviews of financial statements and workpapers, AICPA Peer Review & PCAOB Inspection preparation, perform internal inspections, customized CPE training, independence & ethics consultations, etc. Salvatore is also a keynote speaker at company retreats and conferences. His past work experience at the U.S. Securities and Exchange Commission and the AICPA, combined with his previous roles as external auditor and technical partner to both national and international public accounting firms, gives him a keen understanding into the mindset of both regulators and standard-setters that he shares with his clients.
As a recognized subject matter expert on International Financial Reporting Standards (IFRS), Salvatore was named by the AICPA as an official participant in the development and review of IFRS questions for the Uniform CPA Examination and served as the IFRS Expert-at-Large for the AICPA Board of Examiners Content Committee from 2011-2014. Salvatore also served as AICPA liaison to the International Federation of Accountants (IFAC) Transnational Auditors Committee and Global Peer Review Subcommittee to assist in the development of their international quality assurance review program.
For more information about Salvatore, visit Collemi Consulting & Advisory Services, LLC and LinkedIn.