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SSRS 4400 (Revised), Agreed-Upon Procedures Engagements, has been revised to respond to the growing demand for these engagements, particularly in relation to the need for increased accountability around funding and grants.
The proposed revised standard is based on the International Standard on Related Services 4400 (Revised), Agreed-Upon Procedures Engagements issued by the International Auditing and Assurance Standards Board (IAASB) and will be effective for agreed-upon procedures (AUP) engagements for which the terms of engagement are agreed on or after 1 January 2022.
The revised requirements and application material promote consistency in the performance of AUP engagements, and include enhancements relating to, among other matters, the exercise of professional judgement, compliance with independence requirements, engagement acceptance and continuance considerations, using the work of a practitioner’s expert, and greater clarity and transparency in the AUP report.
In particular, the revised standard includes a new requirement for the practitioner to exercise professional judgement throughout the engagement, including in accepting, conducting and reporting on the AUP engagement, taking into account the circumstances of the engagement.
In relation to engagement acceptance and continuance considerations, new requirements include understanding the purpose of the engagement, and declining the engagement if the practitioner becomes aware of any facts and circumstances indicating that the procedures are inappropriate for the purpose of the engagement.
The revised standard also seeks to provide clarity in the AUP report by enhancing the report for clearer and more consistent language by promoting the use of terminology that is clear, not misleading and not subject to varying interpretations, among other enhancements.
ISCA would like to seek views from key stakeholders on the above proposal.
ISCA requires all comments to be submitted to technical@isca.org.sg by 17 June 2021.
Please click here for ED-SSRS 4400 (Revised).