An agreed-upon procedures engagement is one in which a practitioner is engaged by a client to issue a report of findings based on specific procedures performed on a subject matter. Our client engages SMART to assist specified parties in evaluating subject matter or an assertion as a result of a need of the specified parties. Specified parties may be a governmental agency, lending institution, related party, investor, or related to a merger or acquisition transaction.

The specified parties and SMART agreed-upon the procedures to be performed that are deemed appropriate, including the nature, timing and extent of procedures to be performed. The accountants do not perform an audit or review and do not provide an opinion or negative assurance. The report should be in the form of agreed-upon procedures and findings with clear indication that the report is restricted to the specified parties.