What is the difference between auditor and management expert?
What is the difference between auditor and management expert?
An auditor’s expert may be the auditor’s internal expert or an external expert. II. Management Expert – “An individual or organization possessing expertise in a field other than accounting or auditing, whose work in that field is used by the entity to assist the entity in preparing the financial statements.
What is sa500?
This Standard on Auditing (SA) explains what constitutes audit evidence in an audit of financial statements, and deals with the auditor’s responsibility to design and perform audit procedures to obtain sufficient appropriate audit evidence to be able to draw reasonable conclusions on which to base the auditor’s opinion …
What are the factors to be considered while using auditor’s expert’s work?
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 auditor’s expert.
Who prepare the audit program?
Thus, an audit programme is prepared by an auditor as per the scope of the work.
How is an expert defined according to ISA 620 when should an auditor bring in an expert?
ISA 620, Using the Work of an Auditor’s Expert defines an auditor’s expert as: ‘An individual or organisation possessing expertise in a field other than accounting or auditing, whose work in that field is used by the auditor to assist the auditor in obtaining sufficient appropriate audit evidence.
When planning to use the work of an expert the auditor should evaluate the expert’s?
When planning to use the work of an expert, the auditor should evaluate the professional competence of the expert. This will involve considering the expert’s: Professional certification or licensing by, or membership in, an appropriate professional body; and.
