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In an engagement to perform agreed upon procedures, the auditor is usually required to give a report on the factual findings, based on specified procedures performed on specified subject matters of specified elements, accounts or items of financial statements. The basic purpose of the AAS is to establish standards on the auditor’s professional responsibilities when an engagement to perform agreed upon procedures regarding financial information is undertaken and on the form and content of the report that the auditor issues in connection with such an engagement. The AAS can, however, also be used as a guide to perform agreed upon procedures regarding non financial information. The AAS 32 thus, provides detailed guidance to the members as to the objectives of an agreed upon procedures engagement, basic principles involved in an agreed upon procedures engagement, including ethical principles, the essential aspects of the terms of the engagement. The AAS also deals with the planning, documentation and procedures and evidence aspects of such engagements. The AAS also contains standards in respect of report to be issued by the auditor and its essential elements. The AAS also contains an illustrative engagement letter and an illustrative format of the report to be issued by the auditor.
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