ISRS 4400 represents a global normal for agreed-upon procedures engagements. It gives 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 partaking get together, and the auditor gives a report of the outcomes of making use of these procedures.
The importance of this normal lies in its flexibility. It permits events to acquire unbiased verification of particular gadgets or areas of curiosity with out requiring a full audit or evaluate engagement. That is notably helpful when a restricted scope verification is adequate to handle a selected concern or want. Traditionally, it has offered an economical different to extra complete assurance engagements when a focused method is suitable. It may be a great tool for offering assurance to lenders, buyers, or different stakeholders on particular features of a corporation’s operations.
