Intro to SA: In Q17 of Chapter 1 of CA IPC PRACTICE MANUAL In point iv there is a sentence that \”engagement involving application of agreed upon procedures to information\” what is this mean?

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Shubham asked 7 years ago

In Q17 of Chapter 1 of CA IPC PRACTICE MANUAL In point iv there is a sentence that \”engagement involving application of agreed upon procedures to information\” what is this mean?

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Ravi Staff answered 7 years ago

Audit is examination to give opinion with reasonable assurance
Review is examination to give conclusion with moderate asssurance
Agreed Upon Procedure is examination where only fixed number of steps 3-4 as written in engagement letter are performed and outcome of these examinations is written in report , no opinion or conclusion , no assurance is given it is covered in ca final in SRS 4400