The implications of ISRS 4400 (revised) on agreed-upon procedures : a Maltese perspective

Abstract

Purpose: The principle objective of this research study is to identify, assess and evaluate the effects of the newly revised standard ISRS4400 (Revised) Agreed Upon Procedures Engagement from a tripartite perception being (i) practitioner; (ii) responsible party; (iii) intended users mostly regulators. Design: Existing literature was analysed and sixteen semi-structured interviews were conducted with practitioners, regulators and responsible parties. Findings: From the data collected, it emerged that the majority of participants were familiar with the standard. Practitioners and regulators were particularly knowledgeable. The difference between the gaming industry and the communication industry could easily be identified. Conclusions: It was concluded that overall the standard met its goal however local regulators need to make more effort to educate users. Additional guidance, training and efforts are required in order to increase the knowledge and thereby the quality of Agreed-Upon Procedures. That being said, Agreed-Upon Procedures are seen as beneficial to their users. Value: The researcher hopes that the recommendations provided will improve the quality of Agreed-Upon Procedures engagements and bring more awareness to the standard. This study assists regulators in improving the knowledge regarding the application and use of the standard.