Agreed audit procedures (audit on special tasks) are audit procedures for financial information, which the composition and scope is agreed upon with the customer.
Agreed procedures may be performed by the auditor in relation to:
• separate indicators of financial reports;
• certain accounts and accounting;
• Management accounting data;
• assets , based on inventory;
• contractual relationship;
• other financial information.
Such services can be in demand in the following cases:
• analysis of the effectiveness of methods of property and liabilities records set out in the accounting policy;
• when companies are reorganized;
• non-standard economic operations;
• assessment of tax risks;
• assessing the financial condition of the company;
• evaluation of the share of profit of the participant / shareholder of the company;
• the correctness of the individual indicators in the company's financial records;
• the correctness and / or efficiency of the organization of document circulation in the company;
• the need for calculate or confirm the analytical indicators of financial and economic activities of the company;
• assessment of management accounting methods.
To provide services, a technical task is prepared in cooperation with the customer, which defines the objectives, extend and nature of the agreed procedures, the form and the addressee for presenting the results of the work.
When carrying out agreed procedures, the auditor provides a report in which he does not express an opinion on the reliability of financial (accounting) statements and financial information, but only gives a description of the facts noted. Users of the report themselves assess the implemented agreed procedures with respect to financial information and the facts specified in the report, and draw their own conclusions based on the auditor's report.
The specialists of our company have a vast practical experience in carrying out agreed procedures for companies of different industry affiliation and business scale.