International Standard on Related Services (ISAS) 4400 sets standards for the auditor's professional responsibilities in performing engagements involving the performance of agreed procedures on financial information.
An engagement to carry out agreed procedures may involve performing certain procedures on both individual elements of financial information (for example, accounts payable, receivable, purchases from related parties, revenue and profit of a segment of the organization), financial statements (for example, balance sheet), and the entire set financial statements.
Purpose of this audit
The purpose of an audit under ISA 4400 is to establish standards and provide guidance regarding the auditor's professional responsibilities in engagements that involve performing agreed upon procedures on financial information and the form and content of the report the auditor provides in connection with those engagements.
- The purpose of an agreed procedures engagement is to carry out the procedures specific to the audit and agreed upon between the auditor, the entity and relevant third parties, and to report on the findings.
- Since the auditor merely provides a report of findings in accordance with agreed upon procedures, no assurance is expressed. Instead, report users independently evaluate the procedures performed and comments provided by the auditor and draw their own conclusions based on the auditor's work.
- The report is intended only for those parties who agreed to perform the procedures, since other parties, not having information about the reasons for the procedures, may misinterpret the results.
Audit stages
- Accepting the task
- Planning and executing this task
- Forming an opinion and conclusion on the financial statements
It should be noted that this standard does not replace the requirements of other ISAs; nor does it purport to address all features that may be applicable in any particular circumstances of the assignment.
How long does the verification take?
Processing your request
Setting goals
Providing a package of documents
Examination
Results
Calculate the cost of services for your organization
Services
Audit of financial statements
Services
Consulting
Partnership
Our Partners
The European Bank for Reconstruction and Development (EBRD)
International Committee of the Red Cross
Asian Development Bank
PSI
GIZ
Mercy Corps
The World Bank
Aga Khan Foundation
HELVETAS Swiss Intercoo