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IFAC Releases New International Standard Support Resources

Dec 21, 2020 | English

Earlier today the International Federation of Accountants (IFAC) released updates to two previously published international standard support resources:

Both resources have been updated to reflect International Standard on Related Services 4400 (Revised), Agreed-Upon Procedures Engagements, which was approved by the International Auditing and Assurance Board (IAASB) earlier this year and is effective for agreed-upon procedures engagements for which the terms of engagement are agreed on or after January 1, 2022.

The demand for AUP engagements continues to grow as a broad range of stakeholders, such as regulators, funding bodies, and creditors use agreed-upon procedures reports for a variety reasons. Flexibility is a key benefit of AUP engagements, as they can be tailored to different circumstances and focused on individual items of financial or non-financial subject matters.

One of IFAC’s three strategic objectives is contributing to and promoting the development, adoption, and implementation of high-quality international standards. There are numerous additional guidance and support resources available on the dedicated ‘Supporting International Standards’ section of the IFAC Knowledge Gateway.