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Reference to an expert in auditor’s report
When issuing an unmodified auditor’s report, the auditor must not refer to the work of the expert. This is because such a reference might be misunderstood to be a qualification of the auditor's opinion or a division of responsibility neither of which is intended.Occasionally the auditor may feel that even though he is expressing an unqualified opinion, it may benefit the reader of the accounts if he refers to the work of the expert then the auditor must obtain the permission of the expert. If permission is refused and the auditor believes that such a reference is necessary he should seek legal advice.
Examples of Specialists Examples of specialists or experts whose work may be relied upon include: For valuations such as land and buildings, machinery and plant,
Authoritative Document is IAS 17 Leases The suitable technique of amortization or depreciation to require in the case of leasehold property and freehold buildings is straight-
audit procedure for shares or common stock
Tangible Non Current Assets The verification approach is fundamentally similar in each of these. Extensive disclosure is utilized in most countries and IAS 16 Property Equipm
Accounting Treatment Prescribed by IAS 38 IAS 38 prescribes the accounting treatment about to intangible assets, except: a) Intangible assets which are under the scope of a
factors that influence auditors judgement on sufficiency of audit evidence
Long-Term Liabilities Long-term liabilities are generally evidenced through an agreement called a debenture. For this purpose, long-term loans are often called debentures. The
Non-Adjusting Events - Audit Process Non-adjusting events are those that are indicative of conditions such arose than the balance sheet date as a decline in the market price o
The Concept of Audit Evidence Auditing is an evidence gathering exercise. It is an exercise carried out to confirm the assertions made by the management in carrying out the man
Non-statutory Audits The non-statutory audits are performed through independent auditors sicne the owners, proprietors, trustees, members and governing and professional bodie
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