Expert Reliance – NBC Institute

AAA – Nov 2011 – L3 – SA – Q19 – Use of Experts in Audits

Identifies an unnecessary factor when considering reliance on a specialist’s work in audits.

Question

All the following are necessary when the auditor is considering whether to rely on the work of a specialist EXCEPT:

A. The independence of the specialist
B. The experience of the specialist
C. The fees charged by the specialist
D. The specialist’s relationship with the client
E. Compatibility of the data in preparing the financial statement

Answer

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Tags: Audit evidence, Expert Reliance, Financial Reporting, Independence, Specialist
Level: Level 3

Topic: Use of Experts in Audits
Series: NOV 2011

AA – Nov 2020 – L2 – Q3c – Audit and Assurance Evidence

Outline procedures to determine reliance on an auditor’s expert's work.

Question

Future Prospects Company Ltd is a multinational company operating in Ghana. Its core operations include management of pension funds and real estate development. In preparing the financial statements, they carry out an appraisal of the pension funds to assess its ability to pay benefits to contributors. Periodic revaluation of lands and buildings was also carried out.

Required:
Outline FOUR (4) procedures you will follow to determine whether you can place reliance on work performed by an auditor’s expert.
(8 marks)

Answer

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Tags: Audit Procedures, Auditor’s Assessment, Evaluation, Expert Reliance, Work Quality
Level: Level 2

Topic: Audit and Assurance Evidence
Series: NOV 2020

AA – Nov 2020 – L2 – Q3a – Audit and Assurance Evidence

Name two auditor’s experts for pension funds and property valuation.

Question

Required:
In respect of valuation of pension funds, future payments to beneficiaries, and revaluation of properties, name two auditor’s experts on whom possible reliance will be placed during your audit of the company and the work each may perform.
(4 marks)

Answer

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Tags: Auditor's Experts, Expert Reliance, Pension Funds, Property Revaluation, Valuation
Level: Level 2

Topic: Audit and Assurance Evidence
Series: NOV 2020

AA – April 2022 – L2 – Q1d – Audit and Assurance Evidence

Identify five circumstances when the work of an auditor's expert is needed.

Question

ISA 620: “Using the Work of the Auditor’s Expert” provides guidance to auditors on relying on the work carried out by experts. Even though an expert’s work might be sought for relating to a particular issue, the Auditor has sole responsibility for the audit opinion being expressed.

Required:
Identify FIVE (5) circumstances the work of an Auditor’s Expert may be needed. (5 marks)

Answer

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Tags: Auditor's responsibility, Expert Reliance, Experts, ISA 620
Level: Level 2

Topic: Audit and Assurance Evidence
Series: APR 2022

AAA – Nov 2011 – L3 – SA – Q19 – Use of Experts in Audits

Identifies an unnecessary factor when considering reliance on a specialist’s work in audits.

Question

All the following are necessary when the auditor is considering whether to rely on the work of a specialist EXCEPT:

A. The independence of the specialist
B. The experience of the specialist
C. The fees charged by the specialist
D. The specialist’s relationship with the client
E. Compatibility of the data in preparing the financial statement

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit evidence, Expert Reliance, Financial Reporting, Independence, Specialist
Level: Level 3

Topic: Use of Experts in Audits
Series: NOV 2011

AA – Nov 2020 – L2 – Q3c – Audit and Assurance Evidence

Outline procedures to determine reliance on an auditor’s expert's work.

Question

Required:
Outline FOUR (4) procedures you will follow to determine whether you can place reliance on work performed by an auditor’s expert.
(8 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Procedures, Auditor’s Assessment, Evaluation, Expert Reliance, Work Quality
Level: Level 2

Topic: Audit and Assurance Evidence
Series: NOV 2020

AA – Nov 2020 – L2 – Q3a – Audit and Assurance Evidence

Name two auditor’s experts for pension funds and property valuation.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Auditor's Experts, Expert Reliance, Pension Funds, Property Revaluation, Valuation
Level: Level 2

Topic: Audit and Assurance Evidence
Series: NOV 2020

AA – April 2022 – L2 – Q1d – Audit and Assurance Evidence

Identify five circumstances when the work of an auditor's expert is needed.

Question

Required:
Identify FIVE (5) circumstances the work of an Auditor’s Expert may be needed. (5 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Auditor's responsibility, Expert Reliance, Experts, ISA 620
Level: Level 2

Topic: Audit and Assurance Evidence
Series: APR 2022

Question Tag: Expert Reliance

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AAA – Nov 2011 – L3 – SA – Q19 – Use of Experts in Audits

Identifies an unnecessary factor when considering reliance on a specialist’s work in audits.

AA – Nov 2020 – L2 – Q3c – Audit and Assurance Evidence

Outline procedures to determine reliance on an auditor’s expert's work.

AA – Nov 2020 – L2 – Q3a – Audit and Assurance Evidence

Name two auditor’s experts for pension funds and property valuation.

AA – April 2022 – L2 – Q1d – Audit and Assurance Evidence

Identify five circumstances when the work of an auditor's expert is needed.

AAA – Nov 2011 – L3 – SA – Q19 – Use of Experts in Audits

Identifies an unnecessary factor when considering reliance on a specialist’s work in audits.

AA – Nov 2020 – L2 – Q3c – Audit and Assurance Evidence

Outline procedures to determine reliance on an auditor’s expert's work.

AA – Nov 2020 – L2 – Q3a – Audit and Assurance Evidence

Name two auditor’s experts for pension funds and property valuation.

AA – April 2022 – L2 – Q1d – Audit and Assurance Evidence

Identify five circumstances when the work of an auditor's expert is needed.

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Question Tag: Expert Reliance

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AAA – Nov 2011 – L3 – SA – Q19 – Use of Experts in Audits

Identifies an unnecessary factor when considering reliance on a specialist’s work in audits.

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AA – Nov 2020 – L2 – Q3c – Audit and Assurance Evidence

Outline procedures to determine reliance on an auditor’s expert's work.

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AA – Nov 2020 – L2 – Q3a – Audit and Assurance Evidence

Name two auditor’s experts for pension funds and property valuation.

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AA – April 2022 – L2 – Q1d – Audit and Assurance Evidence

Identify five circumstances when the work of an auditor's expert is needed.

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AAA – Nov 2011 – L3 – SA – Q19 – Use of Experts in Audits

Identifies an unnecessary factor when considering reliance on a specialist’s work in audits.

You're reporting an error for "AAA – Nov 2011 – L3 – SA – Q19 – Use of Experts in Audits"

AA – Nov 2020 – L2 – Q3c – Audit and Assurance Evidence

Outline procedures to determine reliance on an auditor’s expert's work.

You're reporting an error for "AA – Nov 2020 – L2 – Q3c – Audit and Assurance Evidence"

AA – Nov 2020 – L2 – Q3a – Audit and Assurance Evidence

Name two auditor’s experts for pension funds and property valuation.

You're reporting an error for "AA – Nov 2020 – L2 – Q3a – Audit and Assurance Evidence"

AA – April 2022 – L2 – Q1d – Audit and Assurance Evidence

Identify five circumstances when the work of an auditor's expert is needed.

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