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Procedures in computing the work of the expert
The auditor must obtain reasonable assurance that the expert's work constitutes appropriate audit evidence in support of the financial information. He should thus consider the source data used and whether it is suitable in the circumstances, the assumptions and technique used and their consistency with prior periods and the results of the expert's work in the light of the auditor's overall knowledge of the business and the results of his other audit procedures. He should satisfy himself that the substance of the expert's finding is properly reflected in the financial information. How appropriate, reasonable the assumptions and methods used are and how they have been applied is the expert's responsibility. The auditor does not have the same expertise so he cannot always challenge the expert's assumptions and methods. Although the auditor is not an expert on the expert's field of speciality, the auditor must be able to determine what is reasonable and what is not. Hence he should acquire an understanding of the assumptions and the techniques to determine that they are reasonable. There are times when the work of the expert does not support the associated representations in the financial statements then the auditor must attempt to solve the inconsistency by holding discussions with the client and the expert. He might need to engage another expert in solving the inconsistency.
Action if Management Refuses to provide Representations Whether management rejects to provide a representation which the auditor considers compulsory, this constitutes a scope
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
Assessment item 2 Case Study and Report Due date: 19-08-2016 Length: 2000 words Task Question 1 (5%) Case: Battersby and Associates Chartered Accountants is a successful mid-t
General Verification Procedures - Audit Process 1. Get or prepare a schedule for each and every class of liability. Usually this would indicate the makeup of the liability a
Requirements of the Companies Act Here the seventh schedule to the Companies Act gives the matters which must be expressly stated in the AUDITOR'S REPORT 1. Where they have
Permanent Audit File The permanent audit file might include, inter alia: a) A copy of the enterprise's statutes and other legal or statutory documents governing the enterpri
A. Board of Directors Best Buy's Board is elected by the shareholders to oversee the business and affairs of the company. The board counsels, advises and oversees management wi
Communication with the expert If the auditor intends to use the work of an expert then he must communicate with the expert well in advance to confirm the terms of engagement an
Providers of Funds A further point to note is that modern companies can be very large with multinational activities. Preparing accounts for such a group becomes a very complex
Prepayments - Audit Process Prepayments similar to accruals are not mostly checked through the double entry system. This creates them susceptible to mistake. The auditor's pro
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