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- 3 Marks
Question
ISA 620: Using the Work of an Expert explains how an auditor may use an expert to obtain audit evidence.
Required:
State THREE (3) factors that the external auditor should consider when assessing the competence and objectivity of the expert.
Answer
Factors to consider when assessing the competence and objectivity of an expert:
- The expert’s professional qualifications, including membership in relevant professional bodies.
- The expert’s experience and reputation in the specific area of expertise required for the audit.
- The independence of the expert from the client, ensuring no conflicts of interest exist.
- Tags: Audit evidence, Competence, Expert, ISA 620, Objectivity
- Level: Level 2
- Topic: Audit and Assurance Risk Environment
- Series: DEC 2022
- Uploader: Theophilus