At its meeting on March 6-7, 2017, the AASB reviewed a draft response to the IAASB’s Discussion Paper, “Exploring the Demand for Agreed‐Upon Procedures Engagements and Other Services, and the Implications for the IAASB’s International Standards.”  In the response, the AASB highlighted its perspective regarding: (i) the role of professional judgment in an agreed-upon procedures engagement; (ii) considerations related to the independence of the professional accountant; (iii) how to restrict the distribution of the agreed-upon procedures report; and (iv) whether there is a need to address multi-scope engagements as part of this project. The AASB’s response will be submitted by March 29, 2017.

Review the executive summary on the AASB's Web site.