ISCA Issues Audit Bulletin 1 Revised SSRS 4400, Agreed-Upon Procedures Engagements (AB 1)

As the demand for agreed-upon procedures (AUP) engagements continue to grow, particularly in relation to the need for increased accountability around fundings and grants, ISCA, with the support of the Auditing and Assurance Standards Committee (AASC) and the AASC Core Sub-Committee, has developed AB 1, a non-authoritative guidance publication which both practitioners and users of AUP reports can refer to.

AB 1 provides a summary of the key changes arising from SSRS 4400 (Revised) Agreed-Upon Procedures Engagements (which is effective for AUP engagements for which the terms of engagement are agreed on or after 1 January 2022) and certain key considerations in the following areas for practitioners applying SSRS 4400 (Revised), as well as for the users of such AUP reports:

• Engagement Acceptance and Continuance
• Professional Judgement
• Parties Involved in an AUP Engagement
• Independence Requirements
• Clarity over Nature and Limitations of AUP Engagements