Agreed Upon Procedures
Users of your organization’s financial data may have targeted interest about organizational matters or business processes. Interested parties include, but may not be limited to potential lenders, business partners or prospective buyers of a business, and these parties may be interested in specific aspects regarding assets or revenue streams, for which they may require certain tests be performed with reported results of those tests by an independent accounting firm.
Examples of Tested Processes in Agreed-Upon Procedure Engagements
The following are a few examples of such potential needs:
- Calculation the age of your inventory or accounts receivable subject to loan collateralization
- Royalty and Intellectual Property Audit Services
- Verification of payment of certain liabilities before a business acquisition
- Calculation of expenses subject to a cost-sharing arrangement
- Supply Chain Compliance – verification of compliance with distributor and retailer pricing agreements throughout the supply chain
- Business process, such as testing that invoices are approved by the department head prior to their submission for payment.
Agreed-upon procedure engagements report specific tests performed and the results of those tests.
Why Choose Withum for Your Agreed Upon Audit Procedure Needs?
Interested parties can engage Withum to conduct these agreed-upon procedures applied to financial data or business process to achieve specific goals. Our business professionals are skilled in providing this level of assurance, which allows us to undertake a specific targeted set of procedures to financial data with a goal of independent verification of the data and a report with the findings of the results of the procedures.
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For more information or to discuss your business needs, please connect with a member of our team.
