Rigors and limitations in related services engagements performed by the financial auditors

Author:university professor, PhD. Ana MORARIU, PhD. student Gabriel RADU



Keywords:agreed procedures, compilations, investigations, analytical procedures, audit analysis, recalculations, comparisons, accuracy, comments, inspections, and confirmation

The non audit services provide a great part of the annual turnover of an audit firm. Although the related services engagements do not provide an audit opinion, IFAC issues rules and procedures for providing this kind of services: engagement letter, activities planning, procedures to be followed, issuing the findings report, finnacial statements preparation and presentation etc. \r\nThe Chamber of Financial Auditors of Romania issued and adopted procedures for related services quality control. The relevance of this article consist in presenting the related services, in accordance with the provisions of ISRS 4400 Engagements To Perform Agreed-Upon Procedures Regarding Financial Information (former ISA 930) and ISRS 4410 Engagements To Compile Financial Statements (former 920) , with ISA 220 Quality Control for the audit work, with ISCQ 1and with other relevant ISAs.