An agreed-upon procedures (AUP) engagement can be tailored to examine, test, or review client-defined subject matter. The report is restricted to those parties that have agreed to the procedures to be performed,
Among our past engagements:
- Testing the consistency and accuracy of performance systems per a firm’s calculation methodologies
- Testing of the daily calculation methodology of a historical account within a composite
- Testing reasonableness of the NAV calculated by a fund administrator
- Internal Audits
- Compliance with Section 817h of the Internal Revenue Code
- Compliance with internal controsl and operational processes
- Ensuring distributions to the Board were made in accordance with the written guidelines
- Review of fund selection procedures for implementation in fiduciary accounts
This type of engagement must be completed by a CPA firm and culminates in the issuance of a report of findings based on specific procedures performed on specified subject matter. We conduct the work according to the attestation standards of the AICPA (American Institute of Certified Public Accountants).
Because there is a specific subject matter, the procedures will be determined at the outset between Ashland Partners and the client, but are ultimately the responsibility of the client (although we will provide consulting on appropriate procedures where necessary/needed).