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Specialists: Evidence - Module 3

Auditors may rely on specialists to value assets, determine physical inventory characteristics, and interpret regulations. Before relying on a specialist's work, auditors must evaluate their qualifications, understand the work to be performed, and evaluate any relationship with the client. When evaluating specialist findings, auditors should understand their methods, test their data, and ensure findings support related assertions. Using a specialist generally does not affect an audit report, but explanatory language or a modified opinion may be needed if specialist findings do not corroborate assertions.

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Hazem El Sayed
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31 views2 pages

Specialists: Evidence - Module 3

Auditors may rely on specialists to value assets, determine physical inventory characteristics, and interpret regulations. Before relying on a specialist's work, auditors must evaluate their qualifications, understand the work to be performed, and evaluate any relationship with the client. When evaluating specialist findings, auditors should understand their methods, test their data, and ensure findings support related assertions. Using a specialist generally does not affect an audit report, but explanatory language or a modified opinion may be needed if specialist findings do not corroborate assertions.

Uploaded by

Hazem El Sayed
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as RTF, PDF, TXT or read online on Scribd
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Specialists

Auditors may rely on the work of specialists to


Value assets
Determine the physical characteristics of inventories
Determine amounts derived through specialized techniques
Interpret technical requirements, regulations, or agreements
Before relying on the work of a specialist, the auditor should
Evaluate the qualifications of the specialist
Understand the nature of the work to be performed by the specialist
Evaluate the relationship of the specialist to the client
In evaluating the findings of the specialist, the auditor should
Understand the methods used &
assumptions made
Test data provided to the specialist
Evaluate whether the findings support the related assertions

Focus on
Evidence - Module 3 134

Specialists (continued)
The use of a specialist will not generally have an effect on the auditor's report
The auditor may add explanatory language to the standard report as a result of the find-
ings of the specialist
The auditor may decide to modify the opinion if the findings of the specialist do not cor-
roborate the related assertions
The use of a specialist will only be referred to in the audit report if the findings of the specialist
resulted in a modification of the report

Focus on
Evidence - Module 3
135

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