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ISA 620: Evaluating Expert Use in Audits

This document discusses an auditor's use of an expert, either a management's expert or an auditor's expert. It outlines key areas the auditor must evaluate when using an expert, including the expert's competence, capabilities, and objectivity. The auditor needs to obtain an understanding of the expert's field and work, including evaluating any findings, conclusions, assumptions, methods, and source data. The auditor also considers whether to reference the expert in the audit report.

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Ali Haider
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206 views1 page

ISA 620: Evaluating Expert Use in Audits

This document discusses an auditor's use of an expert, either a management's expert or an auditor's expert. It outlines key areas the auditor must evaluate when using an expert, including the expert's competence, capabilities, and objectivity. The auditor needs to obtain an understanding of the expert's field and work, including evaluating any findings, conclusions, assumptions, methods, and source data. The auditor also considers whether to reference the expert in the audit report.

Uploaded by

Ali Haider
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Use of Expert by Management

Introduction Auditor decides to use information


prepared by Management's Expert (ISA 500)

What is an Expert Areas where Expert Management's Expert,


may be used or Auditor's Expert Evluate Competence, Obtaining Understanding of Evaluating
Capability and Objectivity Work of Expert Appropriateness of Work

-Valuation of assets. Depends on:


-Actuarial calculations. -Significance and Risk of matter. Matters relevant Sources of Understanding Evaluation of Findings and Significant assumptions Source data
-Evaluation of Management's Expert. to consider Information of Field Agreement conclusions and methods

Auditor decides to use


Auditor's Expert (ISA 620)

Evaluate Competence, Obtain an understanding Agreement with the Evaluate the adequacy of expert’s work If work is not Reference
Capabilities and of field of that expert Auditor’s Expert adequate in Report
Objectivity of Expert

Findings and Significant Source


Terms to be agreed Written or not conclusions assumptions data
and methods

Factors to Procedures
evaluate to evaluate

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