Agreed-Upon Procedures & Consulting Engagements-What’s The Difference?

A common question we continue to receive from our members relates to the difference between an agreed-upon procedures engagement and a consulting engagement. This report will cover the differences and basic requirements for both types of engagements and address common situations that typically fit into each type of engagement. This report was originally issued in 2017 and we have updated its content to reflect recent standard setting activity. A review of peer review findings indicates that some firms do incur Matters for Further Consideration MFCs from peer reviewers related to distinguishing between an agreed-upon procedures engagement and a consulting engagement.