- 15 Marks
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)
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
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