Usingf the Work of an Auditor's Expert Flashcards
When may an expert be used?
To assist with auditing the valuation of inventory
An example in valuation?
Valuing precious stones
Assessing the stage of completion of WIP
What is an auditor’s expert?
An individual/organisation possessing expertise in a field other than accounting or auditing. whose work in that field used by auditor to assist the auditor in obtaining sufficient appropriate audit evidence
What should I be mindful of for auditor expert?
Employed to assist with areas other than inventory valuation.
Examples of other areas for auditor’s expert?
Valuation of land and buildings
Legal opinions concerning interpretations of agreements
Statutes and regulations
Outcome of litigation or disputes
What must auditor not refer to?
The work of an auditor’s expert in the auditor’s report containing an unmodified opinion
