ISRS 4400 represents a world commonplace for agreed-upon procedures engagements. It offers steerage to auditors when they’re engaged to carry out particular procedures on monetary or non-financial info, and to report factual findings. The procedures are decided by the participating celebration, and the auditor offers a report of the outcomes of making use of these procedures.
The importance of this commonplace lies in its flexibility. It permits events to acquire unbiased verification of particular objects or areas of curiosity with out requiring a full audit or assessment engagement. That is notably helpful when a restricted scope verification is ample to deal with a particular concern or want. Traditionally, it has offered an economical different to extra complete assurance engagements when a focused strategy is suitable. It may be a useful gizmo for offering assurance to lenders, traders, or different stakeholders on particular points of a company’s operations.
