Examples of specialists, Auditing

Assignment Help:

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.


Related Discussions:- Examples of specialists

Interim and final audits, Interim and Final Audits Whereas the split be...

Interim and Final Audits Whereas the split between the systems and balance sheet audits is concerned with thetype of work covered, that between the interim and final audits is

Conformity and conservatism - external auditor report, Conformity and Conse...

Conformity and Conservatism - External Auditor Report Conformity Although the user of the accounts expects the accounts to conform to general accepted accounting princi

Importance of related party transactions, Importance of Related Party Trans...

Importance of Related Party Transactions Whenever the existence of about transactions and parties among such parties are considered ordinary features of business, the auditor

Explain basic principles of an internal audit control system, The core prin...

The core principles of financial internal control are explained here: accounting and financial operations can be separated and the main purpose is the handling of cash and the copy

Post balance sheet events, Post Balance Sheet Events Post balance shee...

Post Balance Sheet Events Post balance sheet events occupy a very significant place in auditing and hence there is generally a program of work which is carried out in this are

Definition of audit evidence, Definition of Audit Evidence "Audit evid...

Definition of Audit Evidence "Audit evidence" which is all the information used through the auditor in arriving on the conclusions on such the audit opinion is support, and in

Memo.2, Ask question #Mini mum 100 words acMr. Howe, a Junior Partner of th...

Ask question #Mini mum 100 words acMr. Howe, a Junior Partner of the CPA firm Dewey, Cheatem, & Howe (DCH), after noting that there is a proposal to limit Auditor liability is ver

Attempts to define true and fair, Attempts to define True and Fair It...

Attempts to define True and Fair It must be concluded that there has been slight attempt precisely to define fair and true. The Companies Act needs an auditor to report in

THREATS TO INDEPENDENCE, WHAT ARE THE MAJOR PROBLEMS INVOLVED IN THE USE OF...

WHAT ARE THE MAJOR PROBLEMS INVOLVED IN THE USE OF A PERSONAL COMPUTER BASED PC SYSTEM BY A SMALL COMPANY

Explain audit-financial records, What is an audit, what financial records a...

What is an audit, what financial records are available and what is their individual function in completing your audit? Audit is an independent examination of financial informat

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd