The International Auditing and Assurance Standards Board (IAASB) seeks public comment by March 15, 2019 on its Exposure Draft of proposed ISRS 4400 (Revised), Agreed-Upon Procedures Engagements. Agreed-upon procedures (AUP) engagements are widely used in many jurisdictions and the demand for these engagements continues to grow. To ensure that the IAASB’s standard on AUP engagements remains relevant in the current business environment, the IAASB proposes to enhance key concepts in the standard.
ACCA CA ANZ joint response broadly supports the IAASB’s project to update the international standard on agreed-upon procedures engagements and appreciate the opportunity to comment on the reform proposals contained in the Exposure Draft of ISRS 4400 (“ED-4400”).
We are also pleased to be able to provide overall support for the draft, considering that it will provide the material needed to better support the increasing use of these engagements around the world. However, we do have some specific issues to raise where we feel the revisions would benefit from greater clarity.
To read in full, please download the consultation response.