Supporting International Standards
IFAC SMP Committee Comment Letter on the IAASB's Exposure Draft on Agreed-Upon Procedures
Mar 19, 2019 | Comment Letters
Overall, the SMPC generally supports the approach taken and proposed changes to ISRS 4400 (Revised). It specifically supports the clarification that ISRS 4400 (Revised) applies to the performance of AUP engagements on both financial and non-financial subject matters and the intention to retain the approach whereby practitioners report on the factual results from performing an AUP engagement differentiating this from subjective findings. The SMPC agrees that considerable professional judgment will be required. However, it considers that professional judgment cannot be required for the actual performance of the procedures because the findings would no longer represent factual findings. It also agrees that ISRS 4400 (Revised) should be enhanced for the use of experts in AUP engagements, but it is not yet as clear as it could be as to situations where a practitioner has recourse to an expert.
Copyright © 2019 The International Federation of Accountants (IFAC). All rights reserved.
You must be signed in to the IFAC website in order to submit a comment. If you do not have an account, please register below. IFAC respects your privacy and will not send you unsolicited email or spam. You can subscribe to IFAC publications, change your subscription preferences, or manage your user profile at any time.