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Experts as a source of Audit Evidence
Mostly the auditor's work on evidence obtained from along within the entity supported through confirmations from third parties will provide him enough reliable evidence which can enable him to provide an unqualified opinion. However there are certain circumstances where his knowledge is not enough and he may see requirement to rely on the opinion of other experts to support him from his opinion.
The authoritative document on this subject on ISA 620: Using the work of an expert. Hence it defines an expert or a specialist such a firm possessing special skills or a person, experience and knowledge in a particular field other than auditing and accounting. The expert may be engaged through the client or through the auditor; he may be employed through the client or through auditor.
Advantages and Disadvantages of Joint Audits The general disadvantages and advantages of joint audits as: Advantages 1. All fees and work are welcome to audit firms. 2. A
Auditor Further point to note is which modern companies can be exclusively large along with multi-national activities. So preparing accounts for that a group becomes a widely
Determinants of amount of audit evidence
Tangible Non Current Assets The verification approach is fundamentally similar in each of these. Extensive disclosure is utilized in most countries and IAS 16 Property Equipm
State the FIVE threats contained within Auditor''s Code of Ethics and Conduct and for each threat list ONE example of a circumstance that may create the threat.
Measures To Be Taken By the Individual Auditor Proper recruitment and training of all staff; Allocating staff to particular audits where they have the appropriate skills;
Internal Audit has been asked by the State to review the activities of The Commission on Workforce Development
Non-statutory Audits The non-statutory audits are performed through independent auditors sicne the owners, proprietors, trustees, members and governing and professional bodie
Classification of Management Representations The thing to note is which during the course of the audit the auditor obtains various representations from the management which ca
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