ASA 500 [21] explains the types of audit procedures that may be performed in obtaining audit evidence from risk assessment procedures and further audit procedures.   The nature, timing and extent of the audit procedures may be affected by the fact that …

In many cases, distinguishing between expertise in accounting or auditing, and expertise in another field, will be straightforward, even where this involves a specialised area of accounting or auditing. For example, an individual with expertise in …

It is necessary to apply judgement when considering how the requirements of this Auditing Standard are affected by the fact that an auditor’s expert may be either an individual or an organisation.  For example, when evaluating the competence, capabilities …

An auditor’s expert may be needed to assist the auditor in one or more of the following: Obtaining an understanding of the entity and its environment, including its internal control. Identifying and assessing the risks of material misstatement. …

The risks of material misstatement may increase when expertise in a field other than accounting is needed for management to prepare the financial report, for example, because this may indicate some complexity, or because management may not possess …

If the preparation of the financial report involves the use of expertise in a field other than accounting, the auditor, who is skilled in accounting and auditing, may not possess the necessary expertise to audit that financial report.  The engagement …

An auditor who is not an expert in a relevant field other than accounting or auditing may nevertheless be able to obtain a sufficient understanding of that field to perform the audit without an auditor’s expert. This understanding may be obtained through, …

In other cases, however, the auditor may determine that it is necessary, or may choose, to use an auditor’s expert to assist in obtaining sufficient appropriate audit evidence. Considerations when deciding whether to use an auditor’s expert may include: …

When management has used a management’s expert in preparing the financial report, the auditor’s decision on whether to use an auditor’s expert may also be influenced by such factors as: The nature, scope and objectives of the management’s expert’s work. …

The nature, timing and extent of audit procedures with respect to the requirements in paragraphs 9-13 of this Auditing Standard will vary depending on the circumstances. For example, the following factors may suggest the need for different or more …