79 paragraphs found
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 …
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 …