Special purpose auditing – audit of complete set of financial statements prepared in accordance with a comprehensive basis of accounting which is different from national or international accounting standards and also other financial statements (e.g. financial report prepared for taxation purposes etc). Special purpose auditing includes services on auditing of separate components of financial reporting, compliance with contractual agreements etc.

Agreed upon procedures. The objective of an agreed-upon procedures engagement is for the auditor to carry out procedures of an audit nature to which the auditor and the entity and any appropriate third parties have agreed and to report on factual findings. An engagement to perform agreed-upon procedures may involve the auditor in performing certain procedures  concerning individual items of financial data (for example, accounts payable, accounts receivable, purchases from related parties and sales and profits of a segment of an entity), a financial statement (for example, a balance sheet) or even a complete set of financial statements.

Compilation of information — a compilation engagement that includes the preparation of financial statements, compilation of financial assets in accordance with international standards, transformation of financial statements in accordance with IFRS and generally accepted principles of US GAAP, consolidation of financial statements of companies and other groups of enterprises.

Agreedupon procedures implementation for financial information – agreed-upon procedures implementation for financial information may include the auditor’s performance of certain procedures in relation to particular items of financial statements (for example, receivables or payables), financial statements (for example, a balance sheet), or even a complete set of financial statements.

The subject of agreed-upon procedures can be:

  • reconciliation of mutual settlements with creditors (debtors);
  • estimated sales;
  • liquidity computations;
  • assessment of dependence on suppliers (customers);
  • evaluating the structure of actual expenses (incomes) and their conformity to the planned ones;
  • analysis of fulfilling the conditions of a contract by the Parties;
  • analysis of proper use of funds and others.

According to results of agreed-upon procedures the auditor provides a Report of the factual findings of agreed-upon procedures.

Initiative audit of financial statements prepared according to GAAP or IFRS is conducted by certified auditors at the request of owners or management of the company.

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