Agreed Upon Procedure

Procedures are agreed between an entity and a third party to produce factual findings about financial information or operational processes.

MARKEF can also perform agreed-upon procedures relating to financial information (ISRE 4400) which are procedures agreed between an entity and a third party to produce factual findings about financial information or operational processes.
For example procedures can include certain tests on accounts payable, accounts receivable, purchases, sales, etc. The objective of such is to carry out procedures of an audit nature and report the factual findings.
It is an assignment in which an independent auditor is engaged to review specific financial information in accordance with agreed upon procedures and provide a factual findings report. The independent auditor should comply with the requirements of International Standard on Related Services (ISRS) 4400 “Engagements to Perform Agreed-Upon Procedures Regarding Financial Information”.