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Wiley Practitioner's Guide to GAAS 2023, 2nd Edition
book

Wiley Practitioner's Guide to GAAS 2023, 2nd Edition

by Joanne M. Flood
April 2023
Intermediate to advanced content levelIntermediate to advanced
1056 pages
34h 59m
English
Wiley
Content preview from Wiley Practitioner's Guide to GAAS 2023, 2nd Edition

29AU-C 620 Using the Work of an Auditor's Specialist

SCOPE

AU-C 620 provides guidance regarding using the work of an expert in a field other than accounting or auditing, for example, a valuation expert, an actuary, or an expert in complex or unusual tax compliance issues. (AU-C 620.01-.02 and 620.A1)

Examples of Use of a Specialist

The following are examples of common uses of specialists:

  • Determination of postemployment and postretirement benefit–related amounts by an actuary
  • Determination of environmental cleanup obligations by an environmental consultant
  • Determination of oil and gas reserves by a petroleum engineer
  • Valuation of a financial institution's real estate investments or real estate collateral by an appraiser
  • Determination of loss reserves of an insurance company by an actuary

The auditor is not required to use a specialist automatically whenever the client has engaged a specialist. ...

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Publisher Resources

ISBN: 9781394152704Purchase Link