Agreed Upon Procedures, Reviews & Compilations
HLB Hamt’s Audit and Assurance Practices adhere not only to International Financial Reporting Standards (IFRS) and International Standards on Audit and Quality Control (ISA), but also pursue our own internal guidelines relating to the planning, preparation methods, data-handling and delivery to the client; we use HLB international’s manuals and guidelines in order to perform our duties. Our commitment to delivering high-quality assurance services is at the heart of what we do. We provide comprehensive assurance services designed to deliver real value and underpin investor confidence.
As a part of assurance services, we provide the following services to our clients;
- Agreed-Upon Procedures Regarding Financial Information– this type of engagement’s purpose is solely to assist in evaluating the condition of certain accounting records and we make no representation regarding the sufficiency of the procedures. This form of engagement is designed to perform only the agreed-upon procedures requested by the client. Examples of procedures performed during this type of engagement include, but are not limited to: inspection of specified documents evidencing certain types of transactions or detailed attributes thereof; confirmation of specific information with third parties; comparison of documents, schedules, or analyses with certain specified attributes; performance of mathematical computations; performance of specific procedures on work performed by others. We would not be conducting an audit or review of the financial statements and therefore will not express an opinion or any other form of assurance on the accounting records based on our agreed-upon procedures.
- Compile Financial Information– Acompilation engagement is an engagement in which accounting expertise, as opposed to auditing expertise, is used to collect, classify and summarise financial information. The experience of the accountant ensures that the financial information is presented in accordance with an applicable financial reporting framework. A report is presented which gives credibility to the presentation process.
- Review financial statements– The objective of a review engagementis to enable an auditor to state whether, on the basis of procedures which do not provide all the evidence that would be required in an audit, anything has come to the auditor’s attention that causes the auditor to believe that the financial statements are not prepared, in all material respects, in accordance with an applicable financial reporting framework.
- The Examination of Prospective Financial Information (feasibility studies) – An analysis of the ability to complete a project successfully, taking into account legal, economic, technological, scheduling and other factors. Rather than just diving into a project and hoping for the best, a feasibility study allows project managers to investigate the possible negative and positive outcomes of a project before investing too much time and money.
- Assurance Reports on Controls at a Service Organization– One of the most effective ways a service organization can communicate information about its controls is through a Service Auditor’s Report. There are two types of Service Auditor’s Reports: Type I and Type II.
A Type I report describes the service organization’s description of controls at a specific point in time (example- 31st December). A Type II report not only includes the service organization’s description of controls, but also includes detailed testing of the service organization’s controls over a minimum six month period (example- 31st December to 30th June).
- Assurance Engagements Other than Audits or Reviews of Historical Financial Information–
Historical financial information includes balance sheet, statement of retained earnings, statement of cash flows, income statement and statement of net working capital. We would be more than pleased to assist you on this as well.
The above mentioned services are performed in line with “International Standards on Related Services (ISRSs)”, “International Standards on Review Engagements (ISREs)” and “International Standards on Assurance Engagements (ISAEs)”