Agreed-Upon Procedures (AUP)
VSRS 4400 · procedures agreed with the relevant parties · factual findings · no audit opinion, review conclusion or other assurance conclusion.
Targeted Financial & Accounting Reviews
Specified accounts · transactions · assets · costs · reconciliations · supporting records · defined reporting purpose.
Internal Control Review
Assess control design and operation; reference the COSO Framework where appropriate; identify control gaps and develop a Risk & Control Matrix (RCM), Delegation of Authority (DOA), risk indicators and remediation actions.
Internal Audit Advisory & Co-sourced Support
Support boards, audit or supervisory bodies and management with methodology, policy design, risk-based planning, work programs, high-risk thematic reviews and recommendation follow-up.
AUP is a related service and does not provide an assurance conclusion. Depending on the contracting entity, professional capacity, intended use and responsible practitioner, an AUP engagement may be performed and reported by IPAS or IAV under separate engagement responsibility. Internal Control Review and Internal Audit Advisory & Co-sourced Support are advisory services and are not described as replacing a client's internal audit function. A Management Recommendation Letter is an IPAS advisory deliverable and is not presented as an audit management letter.
Typical Deliverables
- AUP Report of Factual Findings
- Internal Control Review Report
- Risk & Control Matrix (RCM)
- Delegation of Authority Matrix (DOA)
- Management Recommendation Letter
- Remediation & Follow-up Tracker
- Internal Audit Methodology / Risk-Based Plan, where included in the advisory scope
The form of each deliverable depends on the agreed scope, available data and supporting evidence.
