Agreed-Upon Procedures Performed in Project Audit Engagements

Author:Prof. Univ. PhD. Elena DOBRE

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Keywords:project, audit, agreed procedures, terms of reference

Abstract:
The present paper draws the financial auditors` attention to cases in which the International Standard Related Services - ISRS 4400 "Obligation to perform the agreed procedures on the financial information" was applied for a project audit. This Standard cannot be applied only to project audit. On the contrary, it can be fully applied to a wide variety of categories such as claims, debts and a component of the financial situations or even a complete set of financial situations. The research methodology takes into account the following elements: Obligation letter for project audit and agreed procedures, Procedures for checking the eligibility of the project costs, Report of de facto findings to check the costs that a grant contract for external actions financed by EC implies. From this research it derived that by their nature the project audit obligations are not insurance missions but a means to help the applicant make his own opinion on the Project Financial\r\nReport and the costs conformity with the budget and the analytical evidence and especially the costs` eligibility.\r\n

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