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Agreed-Upon Procedures - AASOC

Date recorded:

At its meeting on April 7, 2016, the AASOC discussed issues related to the project to revise Section 9100 and noted that the IAASB has commenced a project to consider revisions to its ISRS 4400 and that the Working Group is chaired by Ron Salole (the CPA Canada nominee on the IAASB) and supported by the AASB staff. The AASB discussed the demand for “multi-scope engagements” (i.e., engagements that combine two or more engagements that provide differing levels of assurance, such as a review of financial statements with agreed-upon procedures on inventory balances). The AASB also noted inconsistencies in practice relating to the use of professional judgment in an agreed-upon procedures engagement. The AASB agreed that these two topics require further consideration.

Review the minutes on the AASOC's Web site.

Correction list for hyphenation

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