Special purpose audit – financial statements prepared in accordance with a comprehensive basis of accounting other than International Accounting Standards or national standards (for example, financial statements for taxation purposes etc), and also implementation of concrete assignments of the firm.
Special purpose audit services include:
- Preparation of financial statements in accordance with a comprehensive basis of accounting other than International Accounting Standards or national standards;
- Reports on a Component of Financial Statements;
- Reports on Compliance with Contractual Agreement;
- Reports on Summarized Financial Statements.
Agreed-upon procedures engagement – carrying out procedures of an audit nature to which the auditor and the entity and any appropriate third parties have agreed and to report on factual findings. An engagement to perform agreed-upon procedures may involve the auditor in performing certain procedures concerning individual items of financial data (for example, accounts payable, accounts receivable, purchases from related parties and sales and profits of an entity), a financial statement (for example, a balance sheet) or even a complete set of financial statements.