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Agreed Upon Procedures
Independent CPA procedures performed under AICPA attestation standards: built for private companies, nonprofits and community associations.
An agreed upon procedures (AUP) engagement is an independent CPA engagement in which we perform specific procedures on specific subject matter, such as grant expenditures, revenue, covenant calculations, or reserve balances. You and the party requesting the report define those procedures in advance, and we perform them under AICPA attestation standards (AT-C 215).
We report exactly what we find. The report lists each procedure performed and the result of each, without an opinion or conclusion, so the reader draws their own.
We report exactly what we find. The report lists each procedure performed and the result of each, without an opinion or conclusion, so the reader draws their own.
Who needs one:
Private Companies — requested by lenders, investors, or buyers to verify specific items, such as covenant calculations, revenue or royalty figures, earn-outs, or closing balances in a transaction.
Any organization with an agreement that calls for it — grant, loan, franchise, and licensing agreements often require a CPA's report on specific figures without requiring a full audit.
Nonprofits — requested by funders, grantors, and pass-through entities to verify grant expenditures and program-specific compliance, often when a full audit isn't required.
HOAs & Condo Associations — requested by boards, lenders, and owners to verify specific items, such as assessment collections, reserve fund activity, or how a management company handled association funds. Often prompted by a change in management or a question about a specific number.
Private Companies — requested by lenders, investors, or buyers to verify specific items, such as covenant calculations, revenue or royalty figures, earn-outs, or closing balances in a transaction.
Any organization with an agreement that calls for it — grant, loan, franchise, and licensing agreements often require a CPA's report on specific figures without requiring a full audit.
Nonprofits — requested by funders, grantors, and pass-through entities to verify grant expenditures and program-specific compliance, often when a full audit isn't required.
HOAs & Condo Associations — requested by boards, lenders, and owners to verify specific items, such as assessment collections, reserve fund activity, or how a management company handled association funds. Often prompted by a change in management or a question about a specific number.
And who typically needs one.
What Are Agreed Upon Procedures?
Per AICPA Professional Standards, AT-C Section 215 — Agreed-Upon Procedures Engagements.
Sources: AICPA Professional Standards, AT-C Section 215 (Agreed-Upon Procedures Engagements).
Agreed-Upon Procedures vs. Audit, Review, and Compilation
When Are Agreed-Upon Procedures Needed?
An agreed-upon procedures (AUP) engagement is a good fit when a funder, lender, buyer, or board wants a CPA to check certain items and has not asked for an audit. The request usually comes from a contract or agreement, so start by reading exactly what it says.
When someone wants specific numbers checked, not a full audit.
Common Situations
An agreed-upon procedures engagement fits when someone needs specific numbers checked, not a full audit. These are the situations we see most often.
- A funder requires a CPA's report on how grant money was spent.
- A grant agreement asks for an independent check that funds were used as promised.
- A funder or pass-through agency wants a CPA to confirm specific grant costs, without a full audit.
- A lender or investor wants specific balances or covenant calculations checked.
- Your loan agreement calls for an independent check of the numbers in your compliance certificate.
- A bank or investor wants a CPA to confirm certain figures before they lend or invest.
- A deal depends on a number, such as working capital or an earn-out.
- The buyer or seller wants a CPA to check the figures the price is based on.
- Both sides want an independent check of key numbers, such as closing balances or earn-out results.
- A franchise, license, or royalty agreement requires verified revenue or fees.
- Your agreement says a CPA must confirm the sales, royalties, or fees you reported.
- The other party wants proof that the revenue or fees you reported are correct
What Is Included in an AUP Engagement?
You know what we will check, what it costs, and what you will get before we start
Written Plan
A letter that lists what we will check, the fee, and the timeline.
CPA Checking
A licensed CPA checks the items you agreed on, and nothing more.
Findings Report
A report that shows what we checked and what we found.
Written Plan
We send a letter listing exactly what we will check, the fee, and the timeline. You confirm in writing that the plan fits what you need.
Checking
A CPA performs the agreed procedures on your records. If we have questions along the way, we ask you directly.
You send us the request from your funder, lender, or board. We go through it with you and work out what needs to be checked. If they gave us specific procedures, we follow them as written.
Planning & Scoping
We send you a short checklist of the documents we need, so you know what to prepare.
Document Request
We go over the results with you, then deliver the report showing what we checked and what we found.
Findings Report
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Our Agreed-Upon Procedures Process
From engagement to final report — here's what to expect.
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Most engagements take 1 to 3 weeks from the signed engagement letter to the final report, depending on how quickly we receive your documents
Why Organizations Choose GreyWood
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Clear Timeline
Your written plan includes a report date before we start. If your funder or lender has a deadline, tell us up front and we will plan around it. -
Your Funder's Script, Followed
If they gave you the procedures, we perform them as written. If something can't be done that way, you hear it from us on day one, not at the deadline. -
Nationwide, No Compromises
Headquartered in Richmond, VA — serving organizations across the country. Remote-first fieldwork with on-site availability when you need it. Same rigor, same standards, wherever you are.
Frequently Asked Questions
An audit ends with an opinion on your full financial statements. A review gives limited assurance on them. An AUP gives neither. We check the specific items you agreed on and report what we found, and the reader decides what it means.
Only if they asked for an AUP or for a report on specific items. If they require an audit, a review, or a Single Audit, an AUP will not meet it. Send us the request and we will tell you which one it calls for.
Most take 2 to 4 weeks from the signed plan to the final report, depending on how many items we check and how quickly we get your documents. Your written plan includes a report date.
It depends on how many items we check and how complex they are. We quote the fee in writing before we start.
It depends on what we are checking. After we agree on the plan, we send you a short list, usually things like bank statements, invoices, and your accounting records.
You do, often together with the person asking for the report. If they gave you specific procedures, we follow them as written. You confirm the plan in writing before we issue the report.
Know What You Need Before You Pay.
We'll read your requirements and give you a clear recommendation within 15 minutes, at no cost