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 theĀ  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
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

Advantages of Fixed Assets Register There are several advantages if the register properly maintained: a) There is an independent record of all fixed assets showing particul

Types of Transaction - Related Party Fundamentally two types of transactions which arise between a related party and a company as: A. It is usual for members of a collectio

Assessment Criteria Sheets Risk analysis report Subject Learning Outcome: To examine techniques used by auditors, including risk analysis, evidence collection and evaluation Below

Factors Affecting Statistical Technique Factors to be taken into concern before adopting statistical techniques as: a) The number of clients to whom it is appropriate since

IAS 12 Income Taxes 1AS 12 needs a deferred tax liability should be well known for all taxable temporary difference with minor exceptions as goodwill that is not allowable for

Existence of Debtors - Audit Process The easiest technique to establish the existence of a debtor is to enquire the debtor if he exists. This is done through use of a practice

Describe the factors which decide the broad area of Scientific activity?

#what are the procedures of conducting audit for the first time#

Cost and Authorization - Detailed audit of stock Cost A favor of the auditor this is restricted generally to determining the technique adopted through the organization