Management’s expert – NBC Institute

AAA – May 2018 – L3 – SC – Q5 – Use of Experts in Audits

Evaluate objectivity factors and audit procedures to assess the reliability of a management-employed expert’s work in QQ Limited's financial statements.

Question

The management of QQ Limited had engaged an expert valuer, Segun & Company, in the valuation of its investment property situated at Ojo Oniyun Street, Victoria Island for disclosure in the financial statements as at year-end.

Required:

Discuss the factors to be considered when assessing the objectivity of the expert employed by management. (5 Marks)
Explain the procedures to be performed by the auditor to assess whether the work of the management expert provides sufficient and appropriate evidence for the audit of the financial statements. (10 Marks)

Answer

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Tags: Audit evidence, Financial Statements, Management’s expert, Objectivity
Level: Level 3

Topic: Use of Experts in Audits
Series: MAY 2018

AA – Aug 2022 – L2 – Q1b – Audit and Assurance Evidence

Defines the term management’s expert and explains audit approaches for obtaining audit evidence.

Question

Auditors may need to rely on other parties such as management’s experts, internal auditors, or component auditors during an audit engagement. Auditors may also use various audit approaches to obtain audit evidence.

Required:
i) Define the term management’s expert.
(2 marks)

ii) State FIVE (5) factors which the auditor should consider before relying on management’s expert as a means of audit evidence.
(10 marks)

iii) Distinguish between substantive approach and system approach in the audit of financial statements.
(3 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit evidence, Management’s expert, Substantive approach, System approach
Level: Level 2

Topic: Audit and Assurance Evidence
Series: AUG 2022

AAA – May 2018 – L3 – SC – Q5 – Use of Experts in Audits

Evaluate objectivity factors and audit procedures to assess the reliability of a management-employed expert’s work in QQ Limited's financial statements.

Question

Required:

Discuss the factors to be considered when assessing the objectivity of the expert employed by management. (5 Marks)
Explain the procedures to be performed by the auditor to assess whether the work of the management expert provides sufficient and appropriate evidence for the audit of the financial statements. (10 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit evidence, Financial Statements, Management’s expert, Objectivity
Level: Level 3

Topic: Use of Experts in Audits
Series: MAY 2018

AA – Aug 2022 – L2 – Q1b – Audit and Assurance Evidence

Defines the term management’s expert and explains audit approaches for obtaining audit evidence.

Question

Required:
i) Define the term management’s expert.
(2 marks)

ii) State FIVE (5) factors which the auditor should consider before relying on management’s expert as a means of audit evidence.
(10 marks)

iii) Distinguish between substantive approach and system approach in the audit of financial statements.
(3 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit evidence, Management’s expert, Substantive approach, System approach
Level: Level 2

Topic: Audit and Assurance Evidence
Series: AUG 2022

Question Tag: Management’s expert

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AAA – May 2018 – L3 – SC – Q5 – Use of Experts in Audits

Evaluate objectivity factors and audit procedures to assess the reliability of a management-employed expert’s work in QQ Limited's financial statements.

AA – Aug 2022 – L2 – Q1b – Audit and Assurance Evidence

Defines the term management’s expert and explains audit approaches for obtaining audit evidence.

AAA – May 2018 – L3 – SC – Q5 – Use of Experts in Audits

Evaluate objectivity factors and audit procedures to assess the reliability of a management-employed expert’s work in QQ Limited's financial statements.

AA – Aug 2022 – L2 – Q1b – Audit and Assurance Evidence

Defines the term management’s expert and explains audit approaches for obtaining audit evidence.

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Question Tag: Management’s expert

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AAA – May 2018 – L3 – SC – Q5 – Use of Experts in Audits

Evaluate objectivity factors and audit procedures to assess the reliability of a management-employed expert’s work in QQ Limited's financial statements.

You're reporting an error for "AAA – May 2018 – L3 – SC – Q5 – Use of Experts in Audits"

AA – Aug 2022 – L2 – Q1b – Audit and Assurance Evidence

Defines the term management’s expert and explains audit approaches for obtaining audit evidence.

You're reporting an error for "AA – Aug 2022 – L2 – Q1b – Audit and Assurance Evidence"

AAA – May 2018 – L3 – SC – Q5 – Use of Experts in Audits

Evaluate objectivity factors and audit procedures to assess the reliability of a management-employed expert’s work in QQ Limited's financial statements.

You're reporting an error for "AAA – May 2018 – L3 – SC – Q5 – Use of Experts in Audits"

AA – Aug 2022 – L2 – Q1b – Audit and Assurance Evidence

Defines the term management’s expert and explains audit approaches for obtaining audit evidence.

You're reporting an error for "AA – Aug 2022 – L2 – Q1b – Audit and Assurance Evidence"

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