AU-C Original Pronouncement
|Source||Statement on Auditing Standards (SAS) 122.|
AU-C Definitions of Terms
Source: AU-C 620.06
- 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.
- Expertise. Skills, knowledge, and experience in a particular field.
- 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
- to determine whether to use the work of an auditor's specialist and
- if using the work of an auditor's specialist, to determine whether that work is adequate for the auditor's purposes.
Qualifications of a Specialist
The auditor should consider the following to evaluate whether the specialist has the necessary qualifications:
- Competence, ...