In the field of research, a special report is a summary of findings and results based on systematic investigations. It presents the data collected, a discussion of the current state of knowledge on the topic, and recommendations for future actions. It is typically written in formal language and is based on first-hand verifiable information. It is also well structured with relevant headings and sections. Graphs are often included in special reports. Research reports are classified based on two things; the nature of the subject matter and the audience that the research will be presented to. If the research is aimed at a general audience, it is classified as a popular research report and if it is intended for a technical audience, it is categorized as a scientific research report.
A special report is a customized financial report that deviates from the standard format of Generally Accepted Accounting Principles (GAAP). It addresses specific information needs while maintaining professional standards. It can be used to comply with contractual agreements or regulatory provisions that require a special report to include certain specified elements, accounts, or items of a financial statement.
If the auditor uses an agreed-upon procedures engagement to review a particular element, account, or item of a financial statement and determines that the presentation is not in conformity with another comprehensive basis of accounting, the audit report should contain a paragraph that states that the financial statements were not presented in conformity with GAAP and were prepared using a different comprehensive basis of accounting. See AT section 201, Agreed-Upon Procedures Engagements, for guidance on this requirement.
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