Page 229 - CA Final PARAM Digital Book.

QNO Reporting in AUP New Course – (SM23)
4400.300 TITANIUM CNO-- SRS 4400.100
A company asks you to carry out process of confirmation of its accounts receivables having balances in
excess of ₹ 10 lacs as per its books of accounts at the close of the year. The work to be performed only
involves preparing and sending confirmation requests to such parties, analysis of variations on receipt of
confirmations and submission of a report in accordance with professional standards. What points have to
be kept in mind for inclusion in report specifically for such engagement?
Answer The report of factual findings should contain: -

Title:
Addressee: The report of factual findings should contain the addressee (ordinarily, the appointing authority).
Identification of Specific Information: Identification of specific financial or non-financial information to
which the agreed-upon procedures have been applied.
Purpose of the Procedures: Identification of the purpose for which the agreed-upon procedures were
performed.
Statement of Procedures Performed: A statement that the procedures performed were those agreed-upon
with the recipient.
Compliance with Standard on Related Services: A statement that the engagement was performed in
accordance with the Standard on Related Services applicable to agreed-upon procedures engagements.
Listing of Specific Procedures: A listing of the specific procedures performed.
Factual Findings: A description of the auditor’s factual findings including sufficient details of errors and
exceptions found.
No Assurance Statement: A statement that the procedures performed do not constitute either an audit or a
review and, as such, no assurance is expressed.
Potential Additional Findings Statement: A statement that had the auditor performed additional
procedures, an audit or a review, other matters might have come to light that would have been reported.
Report Restriction Statement: A statement that the report is restricted to those parties that have agreed to
the procedures to be performed.
Report Limitation Statement: A statement (when applicable) that the report relates only to the elements,
accounts, items or financial and non-financial information specified and that it does not extend to the entity’s
financial statements taken as a whole.
Date of the Report: The date of the report should be included.
Place of Signature: The place of signature should be stated.
Auditor’s Signature: The report should contain the auditor’s signature.

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