Agreed-Upon Procedures - IAASB

Date recorded:

At its meeting on March 12-16, 2018, the IAASB was supportive of a draft of proposed ISRS 4400 (Revised). The Board agreed with the AUP Task Force’s proposal to use the term ‘findings’ instead of the ‘factual findings,’ which is included in extant ISRS 4400, and requested the Task Force to further clarify the proposed changes. The IAASB agreed with a requirement for disclosure of non-independence in the AUP report and supported the AUP Task Force’s collaboration with the IESBA to develop criteria for determining whether the practitioner is independent. With respect to the flexibility of the standard, the IAASB agreed that the AUP standard should be sufficiently flexible to address the various circumstances when an AUP engagement is performed (e.g., AUP engagements in the public sector environment). Within this premise, the IAASB directed the AUP Task Force to consider whether it is appropriate to elevate some of the application material to requirements. The AUP Task Force will proceed to amend the working draft and actively monitor developments relating to ISQC 1 and the new revised IESBA Code of Ethics to ensure the draft is aligned.

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