When businesses perform certain functions, such as purchasing additional businesses, certain procedures need to be put into place. Specified procedures are written and based upon what the client needs. These are called agreed-upon procedures (AUP) and these steps help set specificity within the transaction. AUPs are put in place and provide a test, analysis, or procedure related to any structure matter.
Archive: October 2018
Technological Advances and the Audit Practice
As we wade into the depths of continuous technological advancement, a range of automation has surfaced that could alter the way we live, work, and relate to one another. These changes could transform every industry around the globe. Within the scope of the audit practice, computerized devices have the potential to allow an auditor to interpret larger volumes of data related to a company’s financial information. Audit firms are seeing the impact of this reliance on technology within specific areas such as Artificial Intelligence (AI), blockchain, and data analytics and how these automations are impacting the audit profession.