Agreed-upon procedures come in all shapes and forms. Zinner's team of audit experts will work with you to determine the proper services scope to fulfill what your business wants internally or needs externally.
Some transactions may require a level of assurance focusing on specific areas that fall short of a full financial audit. In these instances an "Agreed-Upon Procedure' may be appropriate.
Highly focused, but limited in scope, agreed-upon procedures may be used in a variety of situations where an organization requires independently verified reports on specific transactions or documents. This may include:
- Inspection for specific characteristics
- Confirmation of certain information with third parties
- Comparison of data to a defined standards
There are many situations where agreed-upon procedures are appropriate:
- Providing specific information to management or third parties, such as banks, regulatory agencies, and investors.
- Prospective purchasers or your organization is required to file a Ohio Single Cost Report.
- Your organization is required to comply with the instructions prescribed by the Ohio Arts Council, Cuyahoga Arts and Cultural, and/or the National Endowment for the Arts.
Since they are limited in duration and scope, agreed-upon procedures can be a cost effective alternative to a full financial audit.