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Question - Harvey Oil and Gas Bhd (HOG) is an oil and gas company that extracts and refines natural oil and gas in the shores of east Malaysia. HOG has an in-house internal audit department, led by an Internal Audit Director who have served the company for 14 years. Breanna is the audit manager of Bradley and Associates, an audit firm based in Kuala Lumpur, is currently preparing the audit programmes for the year-end audit of HOG. During the audit risk assessment process, Breanna discovered that there is a risk of misstatement in the valuation of the natural gas stocks of the company. She also discovered that HOG has a policy of revaluing oil and gas prices on a rolling basis over a six-month period.
Required -
(a) Define 'Management's Expert' as in Para 6(c) of ISA 620 and provide two examples of management experts in the case of HOG audit.
(b) Discuss Breanna's consideration on the adequacy of auditor's experts work before relying on their report.
(c) Discuss three elements that Breanna should consider when determining the planned effect of the work of the internal auditors as stated in Para 10 of ISA 610.
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