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
Audit Work on the Holding Company We will focus on the verification of investments in subsidiary companies. 1. Get a schedule that should contain the following information. A

Matters of Audit Process Another matter to be covered as: 1. Accounting policies: these should be uniform all over the group and should be properly disclosed. 2. Consoli

Auditor performs analytical work only at the end of the audit. Ans: I disagree with the statement because: i) Analytical work/procedures are used to obtain an understanding o

project report on absorption of overhead and its different method

Advantages and disadvantages

Statutory Audits The audits are compulsory below statute in the case of a large amount of number of undertakings involving the following as:        Undert

Historic Costs Methods - Long Term Contracts You will notice such this exercise is completely dependent on the company estimating its further costs.  This is wherever the audi

IAS 36 Impairment of Assets It is very necessary for the auditor to determine the client's method for determining and accounting for impairments.  Corresponding IAS 36, 'impai

How would you value the Goodwill

Advocates - Specialized audit Situation The statutory provisions regulating the handling of client's monies are covered in the advocate's act. Reason of the rules: