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Your CPA offers a wide menu of services. An audit is a familiar type of attestation service that provides a formal opinion<\/em> about whether the company\u2019s financial statements conform to U.S. Generally Accepted Accounting Principles (GAAP).<\/p>\n Consulting services, in contrast, provide advice or technical assistance that\u2019s only for internal<\/em> purposes. That is, lenders and other third parties can\u2019t rely on the findings, conclusions and recommendations presented during a consulting project.<\/p>\n If you need a report that falls somewhere between these alternatives, consider an agreed upon procedures (AUP) engagement.<\/p>\n Scope<\/strong><\/p>\n An AUP engagement uses procedures similar to an audit, but on a limited scale. It can be used to identify specific problems that require immediate action. When performing an AUP engagement, your CPA makes no formal opinion; he or she simply acts as a fact finder. The report lists:<\/p>\n It\u2019s the user\u2019s responsibility to draw conclusions based on those findings. AUP engagements may target specific financial data (such as accounts payable, accounts receivable or related party transactions), nonfinancial information (such as a review of internal controls or compliance with royalty agreements), a specific financial statement (such as the income statement or balance sheet) or even a complete set of financial statements.<\/p>\n Advantages<\/strong><\/p>\n AUP engagements boast several advantages. They can be performed at any time during the year, and they can be relied on by third parties. Plus, you have the flexibility to choose only those procedures you feel are necessary, so AUP engagements can be cost-effective.<\/p>\n Specifically, AUP engagements can be useful:<\/p>\n In addition, lenders or franchisors may request an AUP engagement if they have doubts or questions about a company\u2019s financials or the effectiveness of its internal controls \u2014 or if they want to check on the progress of a distressed company\u2019s turnaround plan.<\/p>\n Contact us<\/strong><\/p>\n AUP engagements can be performed to supplement audits and consulting engagements \u2014 or as a standalone service. We can help you customize an AUP engagement that fits the needs of your business and its stakeholders.<\/p>\n \u00a9 2019<\/em><\/p>\n <\/body> Your CPA offers a wide menu of services. An audit is a familiar type of attestation service that provides a formal opinion about whether the company\u2019s financial statements conform to U.S. Generally Accepted Accounting Principles (GAAP). Consulting services, in contrast, provide advice or technical assistance that\u2019s only for internal purposes. That is, lenders and other […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-13881","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/www.sfw.cpa\/news-and-guides\/wp-json\/wp\/v2\/posts\/13881","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.sfw.cpa\/news-and-guides\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.sfw.cpa\/news-and-guides\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.sfw.cpa\/news-and-guides\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.sfw.cpa\/news-and-guides\/wp-json\/wp\/v2\/comments?post=13881"}],"version-history":[{"count":0,"href":"https:\/\/www.sfw.cpa\/news-and-guides\/wp-json\/wp\/v2\/posts\/13881\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.sfw.cpa\/news-and-guides\/wp-json\/wp\/v2\/media?parent=13881"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.sfw.cpa\/news-and-guides\/wp-json\/wp\/v2\/categories?post=13881"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.sfw.cpa\/news-and-guides\/wp-json\/wp\/v2\/tags?post=13881"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}\n
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