Singapore
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Agreed Upon Procedures Letter

Agreed Upon Procedures Letter Template for Singapore

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Key Requirements PROMPT example:

Agreed Upon Procedures Letter

"Need an Agreed Upon Procedures Letter for my Singapore-based fintech startup to verify specific revenue recognition procedures for potential investors, to be completed by March 2025."

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What is a Agreed Upon Procedures Letter?

The Agreed Upon Procedures Letter is utilized when specific procedures need to be performed on financial or non-financial information, rather than a full audit or review. Common in Singapore's business environment, this document type adheres to SSRS 4400 and ACRA requirements, providing a framework for targeted examinations. It's particularly relevant for due diligence, regulatory compliance, or specific stakeholder requirements. The letter explicitly defines procedures, avoiding any opinions or assurance conclusions, and is designed to meet Singapore's strict professional standards while protecting both the service provider and the client.

What sections should be included in a Agreed Upon Procedures Letter?

1. Addressee Details: Specific entity/person to whom the letter is addressed, including their full legal name and address

2. Purpose of Engagement: Clear statement of why the AUP is being performed and the subject matter to be examined

3. Scope of Work: Detailed description of the nature, timing, and extent of procedures to be performed

4. Responsibilities: Clear delineation of responsibilities between the practitioner and the engaging party

5. Professional Standards: Reference to SSRS 4400 and confirmation of compliance with relevant professional standards

6. Distribution Restrictions: Limitations on report distribution and use, including specific parties who may rely on the report

7. Timing: Timeline for performing procedures and reporting, including key milestone dates

What sections are optional to include in a Agreed Upon Procedures Letter?

1. Fee Arrangements: Details of professional fees, payment terms, and billing arrangements when not covered in a separate engagement letter

2. Specific Regulatory Requirements: Additional procedures or considerations required by regulators for regulated entities

3. Conflict Resolution: Process for handling disputes and disagreements during the engagement

What schedules should be included in a Agreed Upon Procedures Letter?

1. Schedule A - Detailed Procedures: Comprehensive list of specific procedures to be performed, including methodology and approach

2. Schedule B - Report Template: Format and structure of the final AUP report including required statements and disclaimers

3. Schedule C - Required Information List: Detailed list of information, documents, and access required from the client

4. Schedule D - Team Structure: Key engagement team members, their roles, and responsibilities for larger engagements

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

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alex.den.21@genieai.co
Industries

Companies Act (Chapter 50): Primary legislation governing corporate entities in Singapore, which sets out requirements for financial reporting and corporate compliance.

Accountants Act (Chapter 2): Regulates the accounting profession in Singapore and establishes the framework for professional accounting services.

Securities and Futures Act (Chapter 289): Relevant when the engagement involves listed companies, governing securities trading and financial market regulation.

SSRS 4400: Singapore Standard on Related Services that specifically governs Agreed-Upon Procedures engagements regarding financial information.

Code of Professional Conduct and Ethics: Professional standards framework for public accountants and accounting entities in Singapore.

ACRA Requirements: Regulatory requirements set by the Accounting and Corporate Regulatory Authority for professional services firms.

ISCA Guidelines: Professional guidelines established by the Institute of Singapore Chartered Accountants for accounting practices.

SSQC 1: Singapore Standards on Quality Control establishing quality control requirements for firms performing audits and related services.

Personal Data Protection Act 2012: Legislation governing the collection, use, and disclosure of personal data, ensuring client confidentiality.

Singapore Contract Law: Common law principles governing contract formation, execution, and enforcement in Singapore.

Unfair Contract Terms Act (Chapter 396): Legislation regulating the use of unfair terms in contracts, ensuring fairness in professional service agreements.

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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