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Overview
Introduction Significant Features of New Standard
Who is an Auditors Expert?
Introduction
The context for revising ISA 620
Developments in financial reporting, such as wider use of fair value accounting, calling for more frequent use of experts Experts increasingly involved throughout entire audit process, not just with respect to substantive procedures regarding measurement of account balances Developments in related national standards and guidance
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Auditors Expert
Managements Experts
Old ISA dealt with managements experts as well as auditors experts
Whether the auditors expert is subject to the firms quality control (QC) policies and procedures
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Do changing circumstances indicate a need to reconsider initial evaluation as the audit progresses?
Objectivity
Independence required for internal, not external, auditors experts Objectivity required for all auditors experts Use threats and safeguards approach to evaluate objectivity
Are threats to objectivity, e.g., familiarity and selfreview, eliminated or reduced to an acceptable level by safeguards?
Sources of information similar to those when evaluating the experts competence, capabilities and objectivity
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Reporting Implications
No reference to the auditors expert in unmodified auditors report
Unless required by law or regulation (mostly public sector) If required, indicate that the reference does not reduce the auditors responsibility
Copyright October 2010 by the International Federation of Accountants (IFAC). All rights reserved. Permission is granted to make copies of this work provided that such copies are for use in academic classrooms or for personal use and are not sold or disseminated and provided that each copy bears the following credit line: Copyright October 2010 by the International Federation of Accountants (IFAC). All rights reserved. Used with permission of IFAC. Contact permissions@ifac.org for permission to reproduce, store, or transmit this work. Otherwise, written permission from IFAC is required to reproduce, store, or transmit, or to make other similar uses of, this work, except as permitted by law. Contact permissions@ifac.org. ISBN: 978-1-60815-074-8 www.ifac.org