Other Canadian Standards

Agreed-upon Procedures

Summary

The objective of this project is to update Section 9100, Reports on the Results of Applying Specified Auditing Procedures to Financial Information Other than Financial Statements, which was written several years ago.

Staff Contact(s)

Chi Ho Ng, CPA, CA

Principal, Auditing and Assurance Standards Board

Project Status

  • Information gathering

    Began in 2015 and completed in 2017

  • Approving project

    Project proposal approved in October 2017

  • Consulting stakeholders

    The AASB and IAASB Exposure Drafts are being developed and will be issued by the end of 2018

    The AASB Invitation to Comment issued on the IAASB’s Discussion Paper was issued in December 2016

  • Deliberating feedback
  • Final pronouncement

Register

Roundtable Discussions! Stakeholder views needed on the new proposed standard for Agreed-upon Procedures Engagements

Meeting & event summaries


October 15, 2018

AASB Decision Summary — October 15-16, 2018

The AASB discussed Canadian issues related to its project to consider adopting International Standard on Related Services (ISRS) 4400 (Revised), Engagements to Perform Agreed-upon Procedures Regarding Financial Information, including the content for a Canadian exposure draft. The Board is expected to approve a Canadian exposure draft by written ballot in November 2018.

September 14, 2018

AASB Decision Summary — September 13-14, 2018

The AASB provided input to the CPA Canada nominee on the IAASB’s project to revise International Standard on Related Services (ISRS) 4400 (Revised), Agreed-Upon Procedures Engagements, including:

  • the role of professional judgment in an agreed-upon procedures engagement;
  • objectivity and independence of a practitioner performing an agreed-upon procedures engagement;
  • the use of the work of a practitioner’s expert in an agreed-upon procedures engagement; and
  • matters related to the explanatory memo, exposure period and effective date of the standard.

The IAASB is expected to approve an exposure draft of ISRS 4400 (Revised) at its September 2018 meeting. The AASB would approve a Canadian exposure draft shortly thereafter.

May 3, 2018

AASB Decision Summary – May 3, 2018

The Board discussed Canadian-specific issues related to its project to consider adopting International Standard on Related Services (ISRS 4400) (Revised), Agreed-Upon Procedures Engagements, including whether:

  • a Canadian standard based on ISRS 4400 would replace Section 9100, Reports on the Results of Applying Specified Auditing Procedures to Financial Information Other than Financial Statements, and Section 9110, Agreed-upon Procedures Regarding Internal Control over Financial Reporting; and
  • an amendment would be needed in the Canadian standard indicating that the Provincial Codes of Professional Conduct applicable in Canada require practitioners performing agreed-upon procedures engagements to be independent.

The Board intends to continue these discussions as the IAASB’s project evolves.

October 18, 2017

AASB Decision Summary – October 16-18, 2017

The Board unanimously approved a project proposal to consider adopting (if appropriate) the revised ISRS 4400, Engagements to Perform Agreed‐Upon Procedures Regarding Financial Information, for use in Canada. If adopted, CSRS 4400 would replace existing standard Section 9100, Reports on the Results of Applying Specified Auditing Procedures to Financial Information Other than Financial Statements. Depending on the direction taken by the IAASB with regard to non-financial information, CSRS 4400 may also replace Section 9110, Agreed‐Upon Procedures Regarding Internal Control over Financial Reporting. This project also includes providing staff support to the IAASB.

September 15, 2017

AASB Decision Summary – September 14-15, 2017

The Board discussed the IAASB’s project to revise ISRS 4400, Engagements to Perform Agreed-upon Procedures Regarding Financial Information. The Board reviewed and deliberated:

  • the feedback received in response to the IAASB’s Discussion Paper, “Exploring the Demand for Agreed‐Upon Procedures Engagements and Other Services, and the Implications for the IAASB’s International Standards”; and
  • the project proposal to revise ISRS 4400.

March 7, 2017

AASB Decision Summary – March 6-7, 2017

The AASB reviewed a draft response to the IAASB’s Discussion Paper, “Exploring the Demand for Agreed‐Upon Procedures Engagements and Other Services, and the Implications for the IAASB’s International Standards.”  In the response, the AASB highlighted its perspective regarding:

  • the role of professional judgment in an agreed-upon procedures engagement;
  • considerations related to the independence of the professional accountant;
  • how to restrict the distribution of the agreed-upon procedures report; and
  • whether there is a need to address multi-scope engagements as part of this project.

The AASB’s response will be submitted by March 29, 2017.

October 18, 2016

AASB Decision Summary – October 17-18, 2016

The AASB unanimously approved a Canadian Invitation to Comment on the IAASB’s discussion paper, “Exploring the Demand for Agreed-Upon Procedures Engagements and Other Services, and the Implications for the IAASB’s International Standards.”  The Invitation to Comment is expected to be issued in late 2016.

September 13, 2016

AASB Decision Summary – September 12-13, 2016

The AASB discussed issues related to the IAASB’s project on revisions to ISRS 4400, Engagements to Perform Agreed-upon Procedures Regarding Financial Information. The AASB reviewed the IAASB Working Group’s draft discussion paper, “Exploring the Demand for Agreed-Upon Procedures Engagements and Other Services.” The AASB discussed the approach to be followed in Canada for this project, including possible outreach activities.  The AASB will continue to monitor this project as it evolves before deciding whether an advisory group may be required.

June 14, 2016

AASB Decision Summary – June 13-14, 2016

The AASB reviewed issues discussed by a group of AASB members and staff with the IAASB’s Agreed-Upon Procedures Working Group in May 2016. The AASB also provided input to the CPA Canada nominee on the IAASB regarding issues related to the IAASB’s project to revise ISRS 4400, Engagements to Perform Agreed-upon Procedures Regarding Financial Information, including:

  • key features and benefits of agreed-upon procedures engagements;
  • issues raised in the IAASB discussion paper; and
  • other activities that the project may consider.

March 8, 2016

AASB Decision Summary – March 7- 8, 2016

The AASB provided input to the CPA Canada nominee on the IAASB on issues related to the IAASB’s project to revise ISRS 4400, Engagements to Perform Agreed-upon Procedures Regarding Financial Information, including:

  • the need for further exploration of multi-scope engagements; and
  • the use of judgment in an agreed-upon procedures engagement.

June 9, 2015

AASB Decision Summary – June 8-9, 2015

The AASB provided input to the CPA Canada nominee on the IAASB on issues related to the IAASB’s project to revise ISRS 4400, Engagements to Perform Agreed-upon Procedures Regarding Financial Information. The AASB agreed that the IAASB’s project appears to be addressing issues that are relevant in a Canadian context.

January 21, 2014

AASB Decision Summary – January 20-21, 2014

The AASB approved a project proposal to revise and clarify Section 9100, Reports on the Results of Applying Specified Auditing Procedures to Financial Information Other than Financial Statements.

News


January 7, 2019

News

Webinar – Agreed-upon Procedures Engagements

Are you a practitioner who performs agreed-upon procedures engagements or a user of agreed-upon procedures reports? Tune in on January 18, 2019 (English) or January 17, 2019 (French) to learn about the AASB’s proposed new standard.

November 19, 2018

News

In Brief – A plain and simple overview of the AASB’s Exposure Draft on Agreed-upon Procedures Engagements

November 19, 2018. The Board will be issuing an exposure draft proposing to adopt, with Canadian amendments, ISRS 4400 (Revised). This In Brief provides an overview of that exposure draft and ways you can provide input.

December 20, 2016

Document for Comment

AASB Invitation to Comment – Exploring the Demand for Agreed-upon Procedures Engagements and Other Services, and the Implications for the IAASB’s International Standards

December 20, 2016. The AASB has issued an Invitation to Comment on the IAASB’s Discussion Paper, which explores agreed-upon procedures engagements performed either as a stand-alone engagement or in combination with other engagements. Stakeholders are encouraged to submit their comments by February 10, 2017.

December 6, 2016

News

IAASB Discussion Paper – Exploring the Demand for Agreed-Upon Procedures Engagements and Other Services, and the Implications for the IAASB’s International Standards

December 6, 2016 – The IAASB has issued a Discussion Paper exploring how agreed-upon procedures engagements are undertaken and reports are used. It also explores the demand for engagements that combine reasonable, limited and no assurance. Canadian stakeholders are encouraged to respond to the IAASB by March 29, 2017.

November 25, 2016

News

Roundtable Discussions – Stakeholders’ Views Sought on the Agreed-upon Procedures Working Group Discussion Paper

November 25, 2016. Register to attend a roundtable to provide your views directly to the IAASB Working Group as the IAASB looks to revise its agreed-upon procedures standard. Discussions are taking place in cities across the country. Seating is limited, so register today!

Disclaimer

This project summary has been prepared for information purposes only. Decisions reported are tentative and reflect only the current status of discussions on this project, which may change after further Board deliberations. Decisions to publish Handbook material are final only after a formal ballot process.