Agreed-upon procedures report (ISRS 4400)
An independent report of factual findings by our accountants: for grant providers, parent companies, authorities and anyone who needs verified facts rather than an opinion.
Fixed fee, quoted on your documents
✓ ISRS 4400 (Revised) ✓ Fully in English ✓ Terms of reference followed exactly ✓ Quote within 1 working day
Nederlands? Bekijk de Nederlandse pagina
What is an agreed-upon procedures report?
In an agreed-upon procedures (AUP) engagement, you and the intended users agree in advance which specific procedures our accountant performs: for example checking invoices against payments, recalculating costs or matching hours to time sheets. We then report exactly what we did and what we found. The report contains factual findings only: no audit opinion and no assurance. The users of the report draw their own conclusions.
Internationally, these engagements follow ISRS 4400 (Revised), Agreed-Upon Procedures Engagements, issued by the IAASB. In the Netherlands the same standard applies as Standard 4400. The report is also known as a report of factual findings.
When do you need one?
Grant and subsidy reporting
National and international grant providers often prescribe a protocol or terms of reference to be performed as an AUP engagement. We follow them to the letter. Horizon Europe? See Certificate on the Financial Statements.
Parent company or investors
Your group or investors abroad want specific figures checked, such as revenue, costs or covenant calculations, without a full audit.
Authorities and regulators
An authority or regulator asks for independently verified figures about your Dutch entity.
Disputes and legal proceedings
Parties, lawyers or courts need facts that have been established independently, for example about amounts paid or received.
Contract checks
A contract requires specific figures to be verified, for example for an earn-out, royalty or price adjustment.
Something else?
Describe what needs to be checked. We tell you within one working day whether an AUP engagement fits.
EU grants: Certificate on the Financial Statements (CFS)
If you receive Horizon Europe funding, your Grant Agreement may require a Certificate on the Financial Statements before the Commission makes the final payment. The CFS is an agreed-upon procedures engagement: an independent accountant performs the procedures the Commission prescribes and reports the findings, procedure by procedure. There is no audit opinion, which is why it follows ISRS 4400 like the rest of the work on this page. You will see it referred to as a CFS audit; what you receive is a certificate.
When it applies
In Horizon Europe a CFS is required once the EU contribution claimed by a single beneficiary reaches €430,000. The threshold is assessed per beneficiary and per affiliated entity, not for the consortium as a whole. That is the most common misunderstanding in consortia. Other programmes set their own thresholds; under Digital Europe it is €325,000. Your Grant Agreement decides, and we read it with you before we quote.
What we do
We work from the Commission’s official template, including the terms of reference between you and the accountant. We perform each prescribed procedure: personnel costs against time records, subcontracting, other direct costs, purchases, and the arithmetic of your financial statement. The current template still carries elements of an assurance engagement, so we follow the guidance of the Dutch professional body (NBA) on aligning it with ISRS 4400. What you submit is then what it says it is.
When to arrange it
The certificate is submitted with your final report. Many beneficiaries ask for an interim check after a reporting period, which costs less than finding a systematic error in the final year. If something does not reconcile, you hear it before the report is finalised, while there is still time to correct it. The cost of the certificate is an eligible cost, so budget it at proposal stage.
How it works
1. Your documents and the procedures
You send us the terms of reference or protocol, or a description of what needs to be checked. We go through the purpose, the users of the report and the procedures. If your grant provider or parent company has terms of reference, we check that every procedure can be performed and reported factually.
2. Engagement letter and fixed fee
We record the agreed procedures in an engagement letter, with a fixed fee and a planning.
3. Performing the procedures
Our accountant carries out the procedures on the documents you provide. Questions are handled by email or phone, in English.
4. Your report
You receive the report of factual findings, signed by our accountant and ready to submit.
Delivery from 5 working days after we receive the complete file; complex engagements from 10 working days. Urgent? Tell us your deadline.
Why Financion?
Fully in English
Intake, correspondence and the report itself in English, for you and for your grant provider or parent company.
Terms of reference followed exactly
We perform the procedures as prescribed and report the findings per procedure, so the users can rely on them directly.
Fixed fee, agreed in advance
Once we have your documents you receive a quote with a fixed fee. No hourly billing, no surprises.
Accountants in Leiden
We work for organisations across the Netherlands and abroad, fully digitally.
Frequently asked questions
What is the difference between an AUP report and an audit?
In an audit, the accountant gives an opinion with reasonable assurance. In an AUP engagement we perform only the agreed procedures and report the findings, without an opinion or assurance. That makes it more focused and usually faster, but the users draw their own conclusions.
Can you follow the terms of reference of our grant provider?
Yes. We check beforehand whether each procedure can be performed and reported factually. Where a procedure asks for an opinion or a judgement, we propose a factual wording and discuss it with you.
Is the accountant independent?
The report states whether we are independent. Many terms of reference require independence; we confirm this before we accept the engagement.
Can the report be in Dutch?
Yes. We issue the report in English or in Dutch, whichever the users need.
What does it cost?
The fee depends on the number and nature of the procedures. Once we have your documents you receive a quote with a fixed fee, usually within 1 working day.
Does the €430,000 CFS threshold apply to the whole consortium?
No. It is assessed per beneficiary and per affiliated entity. Each partner above the threshold submits its own certificate.
Is a CFS an audit?
No. We perform the procedures the Commission prescribes and report the findings. The Commission draws its own conclusions about your declared costs.
Can we charge the cost of the certificate to the grant?
Yes, it is an eligible cost. Include it in your budget at proposal stage.
Who may issue the certificate?
An independent qualified auditor of your choosing, in line with national requirements. Our accountant is registered with the Dutch professional body (NBA). Public bodies may instead use a competent independent public officer.
How long does it take?
From 5 working days after we receive the complete file; for complex engagements from 10 working days. Urgent requests are possible in consultation.
Request a quote
Tell us what needs to be checked and your deadline. You receive a fixed quote within 1 working day: