Menu
- 5 Marks
Question
ISA 620: “Using the Work of the Auditor’s Expert” provides guidance to auditors on relying on the work carried out by experts. Even though an expert’s work might be sought for relating to a particular issue, the Auditor has sole responsibility for the audit opinion being expressed.
Required:
Identify FIVE (5) circumstances the work of an Auditor’s Expert may be needed. (5 marks)
Answer
The work of an Auditor’s Expert may be needed in the following circumstances:
- Valuation of fixed assets including freehold and leasehold property, plant and machinery, works of art, and antiques.
- The measurement of work done on long-term contracts.
- Geological determination of mineral resources.
- Legal interpretation of agreements, statutes, or regulations.
- Legal opinion on the outcome of disputes and litigation.
- Actuarial evaluation of insurance and pension funds.
- Tags: Auditor's responsibility, Expert Reliance, Experts, ISA 620
- Level: Level 2
- Topic: Audit and Assurance Evidence
- Series: APR 2022
- Uploader: Dotse