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AGREE-UPON PROCEDURES ENGAGEMENT
Gunnip & Company often goes beyond traditional accounting services. An agreed upon procedures (AUP) engagement uses procedures similar to an audit, but on a smaller and more limited scale.
A key difference between an audit and an AUP is responsibility. Audits require CPAs to provide a formal opinion on whether the company’s financial statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles (GAAP). An AUP does not include an opinion; CPAs simply act as finders of fact. It’s the client’s responsibility to draw conclusions based on the CPA’s findings.
AUP engagements may target specific financial data (accounts payable, accounts receivable or related party transactions), nonfinancial information (review of internal controls or compliance with royalty agreements), a specific financial statement (the income statement or balance sheet) or even a complete set of financial statements. We can help you customize an AUP engagement that can identify problems and resolve issues quickly and effectively.
Gunnip regularly performs agreed-upon procedures for many attorneys to assist in their compliance with the Lawyers’ Fund for Client Protection. Gunnip is committed to the Courts’ education requirements for all staff performing these engagements.