Examples of specialists, Auditing

Assignment Help:

Examples of Specialists

Examples of specialists or experts whose work may be relied upon include:

  1. For valuations such as land and buildings, machinery and plant, precious stones -value and works of art;
  2. For the consideration of quantities of assets of physical condition for example: minerals stores in stock piles and petroleum reserves and underground minerals - geologists;
  3. Determination of amounts using specialised techniques or methods for example: an actuarial valuation - Actuaries, on the liability to be included for pension scheme liabilities;
  4. The measurement of work completed and to be completed on long term contracts in progress for the purpose of revenue recognition - Quantity Surveyors.
  5. Legal opinions concerning interpretations of agreements, laws and regulations - Lawyers.
  6. Determining the value of stock exchange securities - Stock Brokers.

Whether determination is use to the work of an expert the auditor should consider the materiality of the financial statement item being considered, the risk of misstatement based on the  nature and complexity of the item being considered and the quantity and quality of other audit evidence.


Related Discussions:- Examples of specialists

Audits and inspections, Q. What are the different methods available for col...

Q. What are the different methods available for collection and analyzing audit data? Q. Describe and explain common audit findings in the fields of: a. Informed consent proce

Auditors responsibilities with regard to related parties, Auditors Responsi...

Auditors Responsibilities with regard to related parties ISA 550 Related Parties states which the auditor should perform audit process designed to find sufficient suitable

Issues in audit of intangible assets, Issues in Audit of Intangible Assets ...

Issues in Audit of Intangible Assets The two key issues in such audit of intangible assets are: (a) Recognition of intangible assets The audit problem here is to mak

Goodwill, How would you value the Goodwill

How would you value the Goodwill

Subsequent events - audit process, Subsequent Events - Audit Process I...

Subsequent Events - Audit Process IAS 10 Events after the Balance Sheet Date prescribes the accounting for, and disclosure of, events than the balance sheet date. Events th

Over head, project report on absorption of overhead and its different meth...

project report on absorption of overhead and its different method

Auditor''s duty - audit process, Auditor's Duty - Audit Process The au...

Auditor's Duty - Audit Process The auditor has a responsibility to express a thought on the truth and fairness and compliance along with legislation, of the accounts. The valu

Reporting to the members-fraud suspection, Reporting to the members Exc...

Reporting to the members Except the faults and irregularities outcome in the accounts not giving an accurate and fair view, or do not conform to statute, or appropriate books h

Audit of the financial statements of e limited, An audit team is currently ...

An audit team is currently engaged in planning the audit of the financial statements of E Limited as at 30 June 2011. This was the first accounting period during which all the tran

Audit, Why is studying Auditing different from studying other accounting to...

Why is studying Auditing different from studying other accounting topics?

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd