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

What is the first step in the formation of a corporation, Q. What is ordina...

Q. What is ordinarily the first step in the formation of a corporation? a. Development of by-laws for the corporation b. Issuance of the corporate charter c. Application for incorp

Joint auditing, what is the role of a joint auditor

what is the role of a joint auditor

Statistical sampling - advantages, Statistical sampling - Advantages A...

Statistical sampling - Advantages A. It is defensible and scientific; B. It gives a precise mathematical statement for probabilities of to be correct; C.  It is efficien

Contents of working papers - audit, Contents of Working Papers - Audit ...

Contents of Working Papers - Audit The ISA 230 No.3 stresses which audit working papers may always be adequately complete and detailed to enable an experienced auditor along w

Preformer, hi, im a preformer and i want to know should i be myself duing a...

hi, im a preformer and i want to know should i be myself duing an audition or should i act proper ans sweet like everyone els

Audit /internl control.., Ask You are the senior auditor assigned to the te...

Ask You are the senior auditor assigned to the team performing an audit for Restorative Pharmaceutical Corporation (RPC), a 10-year-old publicly held corporation listed on the New

Audit planning, What document usually forms the basis of the audit team bri...

What document usually forms the basis of the audit team briefing?

Preferred stock valuation, Preferred stock valuation 1. Features of pre...

Preferred stock valuation 1. Features of preferred stock (You may review what you've learned about preferred stock from TCA 221): a. Multiple classes in terms of convertibil

Presentation and disclosure - audit of accounting estimates, Presentation a...

Presentation and Disclosure - Audit of Accounting Estimates An enterprise should involve the following information relating to a discontinuing operation in its financial state

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