Attestation and Agreed Upon Procedures

Validating Data and Internal Controls for Compliance and Risk Management

Attestation engagements are often suitable for clients who have reporting needs that don’t require an audit of financial statements. An attestation takes data that has been gathered and checks its validity based on agreed upon procedures. The subject matter of an attestation engagement may take many forms, including:

compliance procedures
internal control functions
financial forecasts
projections or pro forma data

The results of the attestation are used to evaluate and review how true the data or information is when compared to a stated purpose, internal control or system.

Features of Attest Services and Agreed Upon Procedures:

An attest service results in a written report that is typically intended to add credibility to an assertion of the responsible party, usually management, to benefit a third-party user.

Independence from all other parties is required of the accounting professional who performs procedures and issues the report.

Third-party users, such as a bank, typically will rely on the accounting professional’s expertise in making financing, investment or other decisions pertaining to the client.

Agreed-upon procedure engagements are performed in accordance with the attestation standards set for by the AICPA, and opinions regarding findings are not given.

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