Schroeder, CPA, has been engaged by Somerville Company to conduct agreed-upon procedures related to an investment performance schedule of the Red Cedar Investment Fund. Somerville has requested that Schroeder recalculate the rate of return on specific investments, according to an agreed-upon formula, and determine whether the computed rate of return agrees to the rate of return as listed on the Red Cedar Statement of Investment Performance. Red Cedar has agreed to the requested procedures as well.

Required:

a. What level of assurance will Schroeder provide related to the agreed-upon procedures? 

b. What evidence will Schroeder likely use in order to perform the agreed-upon procedures? 

c. To whom will the report on the agreed-upon procedures be addressed? Will the report be distributed more broadly? 

d. Briefly describe the language that will be included in the report related to the agreedupon procedures.