The accounting and auditing profession in the US is guided by standards established by the AICPA. The AICPA issues pronouncements that address auditing, reviews, and compilations. These are based on historical financial information and generally accepted accounting principles.
Schlenner Wenner & Co. provides a number of services under the attestation standards. These services typically address the need for assurance that certain events or activities are being conducted by an entity in accordance with relevant guidelines. Departments of the state government require these assurance services to obtain assurance that an organization is performing under the terms of contracts they have with the state. Creditors and financial institutions require these services to obtain assurance contract terms are being met.
Agreed Upon Procedures
An agreed upon procedures engagement is one in which we are engaged by our client to issue a report of findings based on specific procedures performed on subject matter. Our client engages us to assist specified parties in evaluating subject matter or an assertion as a result of a need or needs of the specified parties. Because the specified parties require that findings be independently derived, our services are obtained to perform procedures and report our findings. We and the specified parties agree upon the procedures to be performed that the specified parties believe are appropriate. Because the needs of the specified parties may vary widely, the nature, timing, and extent of the agreed upon procedures may vary widely as well; consequently, the specified parties assume responsibility for the sufficiency of the procedures since they best understand their own needs. Our report is issued on the agreed upon procedures performed and our findings related to those procedures. An agreed upon procedures report is restricted to the specified parties.
Agreed upon procedures can be completed on any type of entity.
For more information, please e-mail Brian Bastian at email@example.com, Molly Thompson at firstname.lastname@example.org, Jill Hoffmann at email@example.com, Jon Archer at firstname.lastname@example.org, or you can call 320.251.0286.