Agreed Upon Procedures (AUP) for UK Businesses | Chartered Accountant | Consult EFC

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ICAEW Chartered Accountants

Agreed Upon Procedures Performed Precisely.

When investors, lenders or grant bodies need independent verification of specific financial information — but do not need a full audit — Agreed Upon Procedures (AUP) is the right engagement. We perform ISRS 4400 AUP engagements and issue factual findings reports accepted by UK and international counterparties.

✓ ISRS 4400 compliant✓ Factual findings reports✓ Pre-investment AUP✓ Grant verification✓ Fixed fee

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Discuss Your AUP Requirements

Tell us what procedures are needed and we will quote a fixed fee.

Common AUP Engagements We Perform

Each AUP engagement is bespoke — we perform precisely the procedures agreed between you and the requesting party, and report only factual findings.

Pre-Investment Financial Verification

Investors requiring comfort on your revenue figures, cash position, or working capital before completing an investment round. We verify specific line items and issue a findings report that satisfies investor due diligence requirements.

M&A Transaction Support

Vendor-side or buyer-side AUP on normalised EBITDA, net debt, working capital, or specific balance sheet items. Faster and more cost-effective than a full vendor due diligence report when both parties agree on the scope.

Loan Covenant Testing

Lenders requiring periodic independent verification that you are compliant with financial covenants (DSCR, leverage ratio, net debt/EBITDA). We perform the agreed calculations and report findings in the format your lender requires.

Grant Expenditure Verification

Post-award grant funders often require an accountant to verify that grant money was spent in accordance with the approved budget. We trace expenditure, verify eligible costs, and produce the grant verification report the funder needs.

Shareholder Dispute Financial Review

When shareholders disagree on financial matters, AUP provides an independent factual finding without the cost of litigation. We agree the procedures with both parties and issue findings that can form the basis of a resolution.

Regulatory & Compliance Reporting

Some regulated sectors require periodic independent verification of specific financial metrics — client money balances, revenue thresholds, or capital adequacy. We perform and report agreed procedures in the format regulators accept.

How an AUP Engagement Works

Define the Procedures

We work with you and the requesting party (investor, lender, regulator) to agree the exact procedures to be performed. The scope is documented in an engagement letter signed by all parties.

Access & Evidence

We obtain access to the relevant financial records, systems, and supporting documentation. Unlike an audit, we do not form opinions — we simply perform the agreed procedures and document what we find.

Factual Findings Report

We issue a written report describing the procedures performed and the factual findings arising from each. No opinion, no assurance — just clear, documented facts that the requesting party can rely on.

Distribution

The findings report is addressed to the parties named in the engagement letter. It is not a general-purpose document — its use is restricted to the agreed recipients for the agreed purpose.

Agreed Upon Procedures Questions

An audit results in the auditor expressing an opinion on whether the financial statements as a whole give a true and fair view. Agreed Upon Procedures produce a factual findings report — the accountant reports only what was found when performing specific, pre-agreed procedures. There is no opinion, no assurance, and no expression of whether the information is free from material misstatement. AUP is appropriate when the requesting party knows exactly what they need verified and does not require a broader audit opinion.

The procedures are agreed between the engaging party (usually the business), the requesting party (the investor, lender, or funder), and us as the performing accountant. We can propose a standard suite of procedures relevant to your situation, or we can work from a schedule of procedures specified by the requesting party. The agreed procedures are documented in the engagement letter before any work begins.

Only parties named in the engagement letter can rely on the findings report. Unlike audit reports, AUP findings are not issued for general use — the report clearly states that it is restricted to named parties for a specified purpose. If a new party subsequently wants to rely on the findings, a new engagement letter must be executed. This is standard under ISRS 4400, the international standard that governs AUP engagements.

Many AUP engagements can be completed within five to ten business days of us receiving access to all required documentation. Transaction-driven AUPs — where timing is dictated by a deal process — are a regular part of our work, and we are experienced in working to tight deadlines without compromising the quality of the findings report.

Independent. Factual. Accepted.

Our ICAEW Chartered Accountants perform AUP engagements that investors, lenders and funders accept. Book a call to discuss your scope.

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