Wessels & Co

Independent Audit Specialists
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Non-Assurance

Agreed Upon Procedures and Compilations

Agreed Upon Procedures  

What are agreed-upon procedures?

  • In an agreed-upon procedures engagement the requirements are agreed up-front and we then design and perform a set of appropriate procedures
  • This type of engagement is designed to provide specific information about particular matters

Why conduct an agreed-upon procedures engagement?

Specific information is required from a third party on a targeted area, such as a funder requiring information in relation to a grant

What do you get?

  • A report on the factual findings resulting from the procedures that have been performed
  • The report will be restricted to the party requesting that the procedures be performed and that party must form their own conclusions from the procedures performed and the factual findings reported

Our compilation experience

We prepare general purpose and special purpose financial reports using specialised financial reporting software for:

  • ASX listed companies 
  • Large proprietary companies
  • Companies limited by guarantee
  • Incorporated associations
  • Trusts

We have broad industry experience and have worked with clients in the following industries: Agriculture, Aged Care, Education, Engineering, Health, Mining and Mining Services, Professional Associations, Property including REITS, Technology, Financial Services and Construction.

Compilations

What is a compilation?

A compilation is literally a compilation of financial information from underlying records into a format required by accounting standards, for example, the compilation of your annual financial statements.

Why conduct a compilation?

  • Users of the information derive benefit through the professional competence and due care with which the work is carried out
  • Financial records are formatted in a standard manner that can easily be reviewed by third parties, such as a bank that might be considering making a loan
  • A compilation is can be conducted at a substantially lower cost than either a review or an audit

What do you get?

A report that we have compiled the information but that the procedures do not include verification or validation procedures and that no opinion or assurance is expressed on the financial statements.