20 Questions
When engaging an expert for the audit, the expert may be engaged by:
Both the entity and the auditor
In a group audit, the consideration to use the work of another auditor is governed by which ISA?
ISA 600
Which ISA deals with the consideration of the work of an internal auditor?
ISA 610
In the context of auditing, when might an expert's opinion be required?
Valuation of land and building
In a group audit, the consideration to use the work of another auditor is governed by which ISA?
ISA 600
Which type of stocks might require the involvement of a geologist in the audit process?
Granite stocks
When engaging an expert for the audit, the expert may be engaged by:
Both the entity and the auditor
Which type of stocks might require the involvement of a geologist in the audit process?
Mining stocks
Which ISA deals with the consideration of the work of an internal auditor?
ISA 610
In the context of auditing, when might an expert's opinion be required?
Valuation of land and building
What is the purpose of ISA 620?
To use the work of an expert
When engaging an expert for the audit, who may engage the expert?
Both the entity being audited and the auditor
In a group audit, which ISA governs the consideration to use the work of another auditor?
ISA 600
When might an expert's opinion be required in the audit process?
For valuation of land and building
What are the main areas where an expert may be engaged by the entity?
Valuation of land and building, and quantity survey
What are the three ISAs discussed in the text regarding the use of work of others in auditing?
ISA 600, ISA 610, ISA 620
Give an example of a situation where an expert's opinion might be required in the audit process.
Valuation of land and building or valuation of work of arts
Who may engage an expert for the audit according to the text?
The entity or the auditor
What are the main learning objectives discussed in the text?
Understanding the use of work of other auditors, experts, and internal auditors; appreciating the contribution by other experts in completing the audit work; considering the importance of including other experts’ work in audit work
Provide an example of an expert that may be engaged by the entity for the audit.
Chartered Valuer for the valuation of land and building, or valuation of work of arts
Test your knowledge of advanced audit topics with this quiz on "Using the Work of Others." Explore the concepts of using the work of other auditors, experts, and internal auditors, and understand the importance of including their contributions in completing audit work.
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