The Auditor’s Firm’s Quality Control Policies and Procedures (Ref: Para. 8(e) ) …

Although the auditor is required to perform all the risk assessment procedures described in paragraph 14 in the course of obtaining the required understanding of the entity and its environment, the applicable financial reporting framework, and the …

An auditor’s internal expert may be a partner or staff, including temporary staff, of the auditor’s firm, and therefore subject to the quality control policies and procedures of that firm in accordance with ASQC 1. [9] , [10]   Alternatively, an auditor’s …

An auditor’s external expert is not a member of the engagement team and is not subject to quality control policies and procedures in accordance with ASQC 1. [11] In some jurisdictions, however, law or regulation may require that an auditor’s external …

Engagement teams are entitled to rely on the firm’s system of quality control, unless information provided by the firm or other parties suggests otherwise. [12]  The extent of that reliance will vary with the circumstances, and may affect the nature, …

The competence, capabilities and objectivity of an auditor’s expert are factors that significantly affect whether the work of the auditor’s expert will be adequate for the auditor’s purposes.  Competence relates to the nature and level of expertise of the …

Information regarding the competence, capabilities and objectivity of an auditor’s expert may come from a variety of sources, such as: Personal experience with previous work of that expert. Discussions with that expert. Discussions with other auditors or …

Matters relevant to evaluating the competence, capabilities and objectivity of the auditor’s expert include whether that expert’s work is subject to technical performance standards or other professional or industry requirements, for example, ethical …

Other matters that may be relevant include: The relevance of the auditor’s expert’s competence to the matter for which that expert’s work will be used, including any areas of specialty within that expert’s field. For example, a particular actuary may …

A broad range of circumstances may threaten objectivity, for example, self-interest threats, advocacy threats, familiarity threats, self-review threats, and intimidation threats.  Such threats may be addressed by eliminating the circumstances that create …