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Comments Sought on IAASB’s ED on Agreed-Upon Procedures Engagements

The International Auditing and Assurance Standards Board (IAASB) seeks public comment on its Exposure Draft of proposed ISRS 4400 (Revised), Agreed-Upon Procedures Engagements. 

The demand for Agreed-upon procedures (AUP) engagements continues to grow across jurisdictions. Changes in regulation, such as the increase in audit exemption thresholds in many jurisdictions, have also driven increased demand for AUP engagements. This is especially relevant for smaller entities, as the increased audit exemption thresholds prompt stakeholders to look for alternative services to an audit.  

To ensure that the IAASB’s standard on AUP engagements remains relevant in the current business environment, the IAASB proposes to enhance key concepts in the standard, including:

  • The role of professional judgment in an AUP engagement.
  • Disclosures relating to the practitioner’s independence or lack thereof.
  • Guidance on appropriate or inappropriate terminology to describe procedures and findings in AUP reports.
  • The use of a practitioner’s expert in an AUP engagement.
  • Restrictions on the distribution and use of the AUP report. 

ISCA takes a leading role in advocating the views and proposals of the audit community in Singapore. ISCA would hence like to seek views from key stakeholders in Singapore on the above proposal.   

ISCA requires all comments to be submitted to auditquality@isca.org.sg by 31 January 2019.  


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