Using the Work of a Specialist

Question 1

What is auditors specialists? (external specialist)

Answer 1

Individual or organization with expertise in a field outside accounting or auditing

Question 2

What factors should be used in determining whether or not to use a specialist?

Answer 2

Consider the risk and complexities of material misstatement involved. The significance. The auditors experience.

The credentials of the specialist, their relationship with entity being audited

Question 3

Is the auditor responsible for all conclusions reached including the conclusions of a specialist?

Answer 3

Yes they are responsible

Question 4

Should the auditor mention the use of a specialist in their audit report?

Answer 4

No, they should not refer to the specialist in an unmodified audit report (there is no division of responsibility)

If it was a modified report- they may refer to the specialist in a modified report if it would help the reader