Examples of specialists, Auditing

Examples of Specialists

Examples of specialists or experts whose work may be relied upon include:

  1. For valuations such as land and buildings, machinery and plant, precious stones -value and works of art;
  2. For the consideration of quantities of assets of physical condition for example: minerals stores in stock piles and petroleum reserves and underground minerals - geologists;
  3. Determination of amounts using specialised techniques or methods for example: an actuarial valuation - Actuaries, on the liability to be included for pension scheme liabilities;
  4. The measurement of work completed and to be completed on long term contracts in progress for the purpose of revenue recognition - Quantity Surveyors.
  5. Legal opinions concerning interpretations of agreements, laws and regulations - Lawyers.
  6. Determining the value of stock exchange securities - Stock Brokers.

Whether determination is use to the work of an expert the auditor should consider the materiality of the financial statement item being considered, the risk of misstatement based on the  nature and complexity of the item being considered and the quantity and quality of other audit evidence.

Posted Date: 1/24/2013 7:35:10 AM | Location : United States







Related Discussions:- Examples of specialists, Assignment Help, Ask Question on Examples of specialists, Get Answer, Expert's Help, Examples of specialists Discussions

Write discussion on Examples of specialists
Your posts are moderated
Related Questions
Preferred stock valuation 1. Features of preferred stock (You may review what you've learned about preferred stock from TCA 221): a. Multiple classes in terms of convertibil

Problem 1: You have been asked to design a system of controls so as to prevent unauthorized payments being made from the bank account. You are required to identify the controls

Q. What is Transferred Basis? Transferred Basis - A transferred basis is the foundation of property in the hands of a transferor, donor or GRANTOR. In this sense a prior owner'

YvesLaurent has just been put in charge of the BeautyNatural Inc. audit.BeautyNatural is a small, but growing retail chain of natural cosmetics stores. BeautyNatural needs to borro

? Decide what areas of the company will be audited and the frequency of the audits. Prepare a yearly audit schedule and distribute. ? Make an audit plan. Decide what other audit r

Auditors Procedures During Stock Taking The main task during stock taking is to ascertain where the client's employees are carrying out their commands properly. It is particul

Standard Defines Development and Research The standard defines development and research as follows: (a) Research - planned and original investigation undertaken along with

discuss the factors affecting the sufficiency of audit evidence

Judgmental Sampling The Judgement sampling is where, auditor using his own experience and awareness of the client's business and situations selects the sample to be tested with

Beneficial Ownership - Audit Process We have to examine documents of title as e.g. title motor vehicles, deeds and log books.  Whether there are no implied ownership can suffi