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Wiley Practitioner's Guide to GAAS 2018, 2nd Edition
book

Wiley Practitioner's Guide to GAAS 2018, 2nd Edition

by Joanne M. Flood
April 2018
Beginner to intermediate content levelBeginner to intermediate
880 pages
28h 54m
English
Wiley
Content preview from Wiley Practitioner's Guide to GAAS 2018, 2nd Edition

AU-C 620 Using the Work of an Auditor's Specialist

AU-C Original Pronouncement

Source Statement on Auditing Standards (SAS) 122.

AU-C Definitions of Terms

Source: AU-C 620.06

  1. Auditor's specialist. An individual or organization possessing expertise in a field other than accounting or auditing, whose work in that field is used by the auditor to assist the auditor in obtaining sufficient appropriate audit evidence. An auditor's specialist may be either an auditor's internal specialist (who is a partner or staff, including temporary staff, of the auditor's firm or a network firm) or an auditor's external specialist.
  2. Expertise. Skills, knowledge, and experience in a particular field.
  3. Management's specialist. An individual or organization possessing expertise in a field other than accounting or auditing, whose work in that field is used by the entity to assist the entity in preparing the financial statements.

Objectives of AU-C Section 620

AU-C Section 620.04 states that:

…the objectives of the auditor are

  1. to determine whether to use the work of an auditor's specialist and
  2. if using the work of an auditor's specialist, to determine whether that work is adequate for the auditor's purposes.

Requirements

Qualifications of a Specialist

The auditor should consider the following to evaluate whether the specialist has the necessary qualifications:

  1. Competence, ...
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Publisher Resources

ISBN: 9781119396482Purchase book