Skills and objectivity of expert, Auditing

Assignment Help:

Skills and Objectivity of Expert

The skills and competence of the expert

Whether planning to require the work of an expert, so the auditor should assess the professional competence of the specialist expert.

An auditor should satisfy himself such as to the expert's skills, competence and experience through considering the professional qualifications, and the membership or license of an suitable professional body, reputation and experience in the field whether the auditor is seeking evidence.

Objectivity of the expert

The auditor should assess the objectivity of the specialist. Just like in his own case, whereby his objectivity has to be jealously guarded the auditor must believe the objectivity of the specialist.  The expert's objectivity can be impaired where the expert is employed by the client or is related in some other manner to the client for example being financially dependent upon or having an investment in the client.  The auditor should perform much more extensive process than would otherwise have been planned, or he should realize engaging another expert.


Related Discussions:- Skills and objectivity of expert

Work related health problems, Work Related Health Problems The health ...

Work Related Health Problems The health of a person working on a specific job in a particular environment may be affected by both. It is valuable to have a clear understanding

List three main steps in applying materiality to an audit, QUESTION 1: ...

QUESTION 1: Part A When planning a financial statement audit, an audit manager must understand audit risk as well as its components. The firm of Jack and Jackie calculates

Adudit, For each threat explain how it might be avoided.

For each threat explain how it might be avoided.

Ias 28 - audit process, IAS 28 - Audit Process IAS 28 applies in accou...

IAS 28 - Audit Process IAS 28 applies in accounting for investments in associates, except those held through: Venture capital organisations, or Mutual funds,

Proxy, if a proxy is voted as per his judgement other than member prescribe...

if a proxy is voted as per his judgement other than member prescribed to him... what is the action to be taken?

Verification of liabilities - audit process, Verification of Liabilities - ...

Verification of Liabilities - Audit Process Usually speaking, the auditor's duty along with regard to liabilities can be summarised follows as: 1. To confirm the existence of

Tangible non current assets, Tangible Non Current Assets The verificat...

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

Indications of inapplicability of going concern, Indications of inapplicabi...

Indications of inapplicability of Going Concern Unfortunately, Insolvency is a development industry as the economy suffers a down turn and consequently for a majority of enter

A disadvantage of the corporate form of organization, Q. Which of the follo...

Q. Which of the following statements is not considered a disadvantage of the corporate form of organization? a. Additional taxes b. Government regulations c. Limited liability of s

Audit procedures for obtaining audit evidence, Question: Part A (i...

Question: Part A (i) List and define five audit procedures for obtaining audit evidence. (ii) Why is it necessary to obtain corroborating evidence for inquiry and obser

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