For the purposes of this Guidance Statement the following items have the meanings attributed in the Australian Auditing Standards and reproduced below:


Expertise means skills, knowledge and experience in a particular field[10].


External information source means an external individual or organisation that provides information that has been used by the entity in preparing the financial report, or that has been obtained by the auditor as audit evidence, when such information is suitable for use by a broad range of users. When information has been provided by an individual or organisation acting in the capacity of a management’s expert, that individual or organisation is not considered an external information source with respect to that particular information[11].


Management’s expert means an individual or organisation possessing expertise in a field other than accounting or auditing, whose work in that field is used by the entity to assist the entity in preparing the financial report or other historical financial information[12].


ASA 620, paragraph 6(b).


ASA 500, paragraph 5(d).


ASA 500, paragraph 5(e).