What are non-audit services?
Non-audit services are services provided by an Audit firm that include Reviews assignments, Compilation assignments, other assurance, and other Engagements to perform agreed-upon procedures. The choice of service will depend on the circumstances for each individual entity and requires careful consideration.
Non-audit services help Companies by enhancing the credibility of the information provided to third parties, such as banks, regulatory authorities, and prospective investors besides shareholders or business owners.
What is Review Engagement?
In Review Engagements, the Audit Firm make inquiries and performs analytical procedures on the financial information prepared by the Company.(interim financials or other historic data) After performing the agreed-upon-procedures, Audit firm issues limited assurance report. The procedures are performed based on the International Auditing and Assurance Standards Board (IAASB)’s International Standard on Review Engagements (ISRE) 2400 (Revised).
When is a Review Engagement appropriate?
- when an entity is exempt from a statutory audit requirement, but users, such as shareholders, require some form of assurance.
- when an internal review of the business is required by the management, as an additional control.
- when a Limited assurance is required by the management on the financial statements.
- when interim Financial statements are required to be reviewed to meet statutory obligations.
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What is Compilation Engagement?
In compilation engagements, the Audit firm uses its financial reporting framework expertise to assists management in preparing and presenting historical financial information. A compilation engagement is not an assurance engagement. The audit firm issues a report stating no assurance is provided. The engagement is performed based on the IAASB’s International Standard on Related Services (ISRS) 4410, Compilation Engagements;
When is a Compilation Engagement appropriate?
- The management of an entity may not have expertise in financial reporting.
- Users of the financial information would like to know that there has been an involvement of professional expert in preparing and presenting financial information.
- The management may need financial statements for internal reporting purpose without any external requirements.
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Reach out to us for assistance on Compilation Engagements in UAE.
What are AUP or Agreed Upon Procedures Engagement?
AUP engagements may be used on financial and non-financial information and it may include, review of accounts receivables or accounts payables, checking cash balances, review of loand and advances etc. The audit firm performs certain specified procedures agreed upon between parties in advance.
The procedures are performed based on the IAASB’s ISRS 4400, Engagements to Perform Agreed-Upon Procedures Regarding Financial Information.
When is an Agreed Upon Procedure appropriate?
Financial information are required to be submitted to meet statutory or non-statutory obligations of the Entity.
How KPI can Help?
KPI conducts specialized engagements in accordance with best practices applicable to Agreed-Upon Procedures. We can help with:
Planning
Plan all the work around an effective engagement to be performed.
Documentation
Document all matters which are important in providing evidence to support the report of factual findings, and evidence that the engagement was carried out in accordance best practices and the terms of the engagement.
Procedures & Evidence
Carry out all the procedures agreed upon including inquiry and analysis; recomputation, comparison and other clerical accuracy checks; observations; inspection; and obtaining confirmations and use the evidence obtained as the basis for the report of factual findings
Reporting
KPI offers specialized financial reporting in a variety of situations where your company desires independently verified and reported information, such as Inspection of documents and transactions for specific characteristics; Confirmation of specific information with third parties; and Comparison of data to a defined standard
Your Next Agreed Upon Procedures Engagement -
Why Work with KPI?
While clients, and clients alone, are the stakeholders for most of our service offerings, we make the distinction when it comes to Audit & Assurance Services. Agreed Upon Procedures are effective tools that need to be performed meticulously by experts to get the maximum value.
Talented Team
During an agreed-upon procedures engagement a qualified accountant will discuss with you and agree a set of procedures to perform that are based on your requirements.
Relevant Expertise
Objectively carry out procedures and tests with relevant expertise thus saving engaging party time and cost to carry out the procedure and tests themselves.
Quality Output
Emphasizing the importance of providing the highest quality output over commercial considerations
Right Advice
You can depend on us for the right advice on situations appropriate for agreed-upon procedures.
Happy to Help!
Reach out to us for assistance on Agreed Upon Procedure Engagements in UAE.
What is Review Engagement?
In Review Engagements, the Audit Firm make inquiries and performs analytical procedures on the financial information prepared by the Company.(interim financials or other historic data) After performing the agreed-upon-procedures, Audit firm issues limited assurance report. The procedures are performed based on the International Auditing and Assurance Standards Board (IAASB)’s International Standard on Review Engagements (ISRE) 2400 (Revised).
When is a Review Engagement appropriate?
- when an entity is exempt from a statutory audit requirement, but users, such as shareholders, require some form of assurance.
- when an internal review of the business is required by the management, as an additional control.
- when a Limited assurance is required by the management on the financial statements.
- when interim Financial statements are required to be reviewed to meet statutory obligations.
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Reach out to us for assistance on UAE VAT Registration in UAE.
What is Compilation Engagement?
In compilation engagements, the Audit firm uses its financial reporting framework expertise to assists management in preparing and presenting historical financial information. A compilation engagement is not an assurance engagement. The audit firm issues a report stating no assurance is provided. The engagement is performed based on the IAASB’s International Standard on Related Services (ISRS) 4410, Compilation Engagements;
When is a Compilation Engagement appropriate?
"* The management of an entity may not have expertise in financial reporting. * Users of the financial information would like to know that there has been an involvement of professional expert in preparing and presenting financial information. * The management may need financial statements for internal reporting purpose without any external requirements.
Happy to Help!
Reach out to us for assistance on UAE VAT Registration in UAE.
What are AUP or Agreed Upon Procedures Engagement?
AUP engagements may be used on financial and non-financial information and it may include, review of accounts receivables or accounts payables, checking cash balances, review of loand and advances etc. The audit firm performs certain specified procedures agreed upon between parties in advance.
The procedures are performed based on the IAASB’s ISRS 4400, Engagements to Perform Agreed-Upon Procedures Regarding Financial Information.
When is an Agreed Upon Procedure appropriate?
Financial information are required to be submitted to meet statutory or non-statutory obligations of the Entity.
How KPI can Help?
KPI conducts specialized engagements in accordance with best practices applicable to Agreed-Upon Procedures. We can help with:
Planning
Plan all the work around an effective engagement to be performed.
Documentation
Document all matters which are important in providing evidence to support the report of factual findings, and evidence that the engagement was carried out in accordance best practices and the terms of the engagement.
Procedures & Evidence
Carry out all the procedures agreed upon including inquiry and analysis; recomputation, comparison and other clerical accuracy checks; observations; inspection; and obtaining confirmations and use the evidence obtained as the basis for the report of factual findings
Reporting
KPI offers specialized financial reporting in a variety of situations where your company desires independently verified and reported information, such as Inspection of documents and transactions for specific characteristics; Confirmation of specific information with third parties; and Comparison of data to a defined standard
Your Next Agreed Upon Procedures Engagement -
Why Work with KPI?
While clients, and clients alone, are the stakeholders for most of our service offerings, we make the distinction when it comes to Audit & Assurance Services. Agreed Upon Procedures are effective tools that need to be performed meticulously by experts to get the maximum value.
Talented Team
During an agreed-upon procedures engagement a qualified accountant will discuss with you and agree a set of procedures to perform that are based on your requirements.
Relevant Expertise
Objectively carry out procedures and tests with relevant expertise thus saving engaging party time and cost to carry out the procedure and tests themselves.
Quality Output
Emphasizing the importance of providing the highest quality output over commercial considerations
Right Advice
You can depend on us for the right advice on situations appropriate for agreed-upon procedures.
Happy to Help!
Reach out to us for assistance on UAE VAT Registration in UAE.