In short
An auditor's specialist is a person or firm with expertise in a field other than accounting or auditing, such as an actuary or a valuation expert, whose work the auditor uses to obtain audit evidence. The specialist may be inside or outside the audit firm.
Key takeaways
- The auditor evaluates the specialist's competence, capabilities and objectivity, and the adequacy of their work.
- The auditor remains solely responsible for the opinion and doesn't refer to the specialist in an unmodified report.
- A management's specialist, by contrast, is engaged by the client to help prepare the financial statements.
Where it's tested
AUD: Group Audits & Using Others' Work — study notes, a five-minute revision sheet and practice questions.
Practise: 3 questions
Question 1 of 3 · 0 answered
When using the work of an auditor's specialist, such as an actuary or appraiser, the auditor should: