State the difference between management’s expert and auditor’s expert Management uses the work of management’s expert to assist in preparing financial statements. Auditor uses the work of auditor’s expert to obtain sufficient and appropriate audit evidence. Give some examples where the auditor needs assistance of an expert. Rejer to para 2 of the text Describe auditor’s duties as regards…
Read More →
Auditor may need assistance of auditor’s expert in the following matters: (a) Obtaining understanding of the entity, its environment including internal controls. (b) Identifying and assessing the risk of material misstatement (c)Tests of controls (d)Substantive procedures (e)Issuing audit opinion
INTRODUCTION ISA 500 covers, among other matters, the reliability of information produced by a management’s expert. ISA 620 deals with auditor’s esponsibilities when such auditor uses the work of auditor’s expert. The standard provides guidance on circumstances where work of auditor’s expert should be used, and the responsibilities of auditor when such. auditor uses the work of auditor’s expert.