Examples of financial and non-financial subject matters on which an agreed-upon procedures engagement may be performed include: Financial subject matters relating to: The entity’s financial report or specific classes of transactions, account balances or …

ASQM 1 deals with the firm’s responsibilities to design, implement and operate a system of quality management for related services engagements, including agreed-upon procedures engagements. [4] ASQM 1 also deals with the firm’s responsibility to establish …

Under ASQM 1, the objective of the firm is to design, implement and operate a system of quality management for related services engagements, including agreed-upon procedures engagements, that provides the firm with reasonable assurance that: The firm and …

A jurisdiction that has not adopted ASQM 1 in relation to agreed-upon procedures engagements may set out requirements for quality management in firms performing such engagements. The provisions of this ASRS regarding quality management at the engagement …

Within the context of the firm’s system of quality management, engagement teams have a responsibility to implement policies or procedures applicable to the …

Ordinarily, the engagement team may depend on the firm’s system of quality management unless: The engagement team’s understanding or practical experience indicates that the firm’s policies or procedures will not effectively address the nature and …

A deficiency in the firm’s system of quality management does not necessarily indicate that an agreed-upon procedures engagement was not performed in accordance with professional standards and applicable legal and regulatory requirements, or that the …

For terms of engagement covering multiple years, practitioners may wish to update the terms of engagement so that the agreed-upon procedures engagements will be conducted in accordance with this ASRS on or after the operative …

In some circumstances, the procedures may be agreed with intended users in addition to the engaging party. Intended users other than the engaging party may also acknowledge the appropriateness of the …

The engaging party may be, under different circumstances, the responsible party, a regulator or other intended user. References to the engaging party in this ASRS include multiple engaging parties when …