Use of Experts in Audits – NBC Institute

AAA – Nov 2016 – L3 – Q3b – Use of Experts in Audits

Evaluate the significance of expert evidence and factors to consider before relying on a specialist’s report in audits.

Question

In connection with Accountancy and Audit, an Expert or Specialist is a firm or person that possesses special skills in a profession other than Accountancy.

Required:
i. What is the significance of evidence from Experts to an auditor? (2 Marks)
ii. Identify THREE factors to be considered before placing reliance on the report of a Specialist. (3 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit evidence, Reliance Factors, Specialist Report, Use of Experts
Level: Level 3

Topic: Use of Experts in Audits

AAA – Nov 2012 – L3 – AII – Q13 – Use of Experts in Audits

Defines the use of external specialist teams or consultants to perform tasks that could otherwise be done internally.

Question

The use of external specialist teams or consultants to perform functions which could otherwise be performed in-house is known as …………

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit strategy, External Consultants, In-house Functions, Outsourcing, Specialists
Level: Level 3

Topic: Use of Experts in Audits
Series: NOV 2012

AAA – Nov 2011 – L3 – SAII – Q12 – Use of Experts in Audits

Definition of a specialist used by an auditor in forming an opinion.

Question

A person or firm possessing special skills, knowledge, and experience in a particular field other than accounting, which may be used by the auditor as a basis to form an opinion on the financial statements is referred to as …………………

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Expert, Financial Statements, Opinion Basis, Specialist
Level: Level 3

Topic: Use of Experts in Audits
Series: NOV 2011

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

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

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

AAA – Nov 2016 – L3 – Q3b – Use of Experts in Audits

Evaluate the significance of expert evidence and factors to consider before relying on a specialist’s report in audits.

Question

In connection with Accountancy and Audit, an Expert or Specialist is a firm or person that possesses special skills in a profession other than Accountancy.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit evidence, Reliance Factors, Specialist Report, Use of Experts
Level: Level 3

Topic: Use of Experts in Audits

AAA – Nov 2012 – L3 – AII – Q13 – Use of Experts in Audits

Defines the use of external specialist teams or consultants to perform tasks that could otherwise be done internally.

Question

The use of external specialist teams or consultants to perform functions which could otherwise be performed in-house is known as …………

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit strategy, External Consultants, In-house Functions, Outsourcing, Specialists
Level: Level 3

Topic: Use of Experts in Audits
Series: NOV 2012

AAA – Nov 2011 – L3 – SAII – Q12 – Use of Experts in Audits

Definition of a specialist used by an auditor in forming an opinion.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Expert, Financial Statements, Opinion Basis, Specialist
Level: Level 3

Topic: Use of Experts in Audits
Series: NOV 2011

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

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

Topic: Use of Experts in Audits

Filter by Professional Bodies

Filter by Subject

Filter by Series

Filter by Topics

Filter by Levels

AAA – Nov 2016 – L3 – Q3b – Use of Experts in Audits

Evaluate the significance of expert evidence and factors to consider before relying on a specialist’s report in audits.

AAA – Nov 2012 – L3 – AII – Q13 – Use of Experts in Audits

Defines the use of external specialist teams or consultants to perform tasks that could otherwise be done internally.

AAA – Nov 2011 – L3 – SAII – Q12 – Use of Experts in Audits

Definition of a specialist used by an auditor in forming an opinion.

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.

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.

AAA – Nov 2016 – L3 – Q3b – Use of Experts in Audits

Evaluate the significance of expert evidence and factors to consider before relying on a specialist’s report in audits.

AAA – Nov 2012 – L3 – AII – Q13 – Use of Experts in Audits

Defines the use of external specialist teams or consultants to perform tasks that could otherwise be done internally.

AAA – Nov 2011 – L3 – SAII – Q12 – Use of Experts in Audits

Definition of a specialist used by an auditor in forming an opinion.

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.

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.

Our offerings

Contact Info

Customer

Get In Touch

Topic: Use of Experts in Audits

Filter by Professional Bodies

Filter by Subject

Filter by Series

Filter by Topics

Filter by Levels

AAA – Nov 2016 – L3 – Q3b – Use of Experts in Audits

Evaluate the significance of expert evidence and factors to consider before relying on a specialist’s report in audits.

You're reporting an error for "AAA – Nov 2016 – L3 – Q3b – Use of Experts in Audits"

AAA – Nov 2012 – L3 – AII – Q13 – Use of Experts in Audits

Defines the use of external specialist teams or consultants to perform tasks that could otherwise be done internally.

You're reporting an error for "AAA – Nov 2012 – L3 – AII – Q13 – Use of Experts in Audits"

AAA – Nov 2011 – L3 – SAII – Q12 – Use of Experts in Audits

Definition of a specialist used by an auditor in forming an opinion.

You're reporting an error for "AAA – Nov 2011 – L3 – SAII – Q12 – Use of Experts in Audits"

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"

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"

AAA – Nov 2016 – L3 – Q3b – Use of Experts in Audits

Evaluate the significance of expert evidence and factors to consider before relying on a specialist’s report in audits.

You're reporting an error for "AAA – Nov 2016 – L3 – Q3b – Use of Experts in Audits"

AAA – Nov 2012 – L3 – AII – Q13 – Use of Experts in Audits

Defines the use of external specialist teams or consultants to perform tasks that could otherwise be done internally.

You're reporting an error for "AAA – Nov 2012 – L3 – AII – Q13 – Use of Experts in Audits"

AAA – Nov 2011 – L3 – SAII – Q12 – Use of Experts in Audits

Definition of a specialist used by an auditor in forming an opinion.

You're reporting an error for "AAA – Nov 2011 – L3 – SAII – Q12 – Use of Experts in Audits"

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"

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"

Our offerings

Contact Info

Customer

Get In Touch

admin