Work Expert_ AA_Ch_43 - Using the Work of an Expert 1...

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© Peter T. Y. Lau and Nelson C. Y. Lam © Pilot Publishing Co. Ltd. 2009 Auditing and Assurance in Hong Kong 1 Using the Work of an Expert 1. Auditor’s Objectives To determine whether to use the work of an auditor’s expert; and If using the work of an auditor’s expert, to determine whether that work is adequate for the auditor’s purposes
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© Peter T. Y. Lau and Nelson C. Y. Lam © Pilot Publishing Co. Ltd. 2009 Auditing and Assurance in Hong Kong 2 2. Determining the Need for an Auditor’s Expert The engagement team and any auditor’s experts shall collectively have the appropriate competence and capabilities to perform the audit engagement An auditor who is not an expert in a relevant field other than accounting or auditing may be able to obtain a sufficient understanding of that field to perform the audit through experience, education, etc.
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© Peter T. Y. Lau and Nelson C. Y. Lam © Pilot Publishing Co. Ltd. 2009 Auditing and Assurance in Hong Kong 3 2. Determining the Need for an Auditor’s Expert Considerations when deciding whether to use an auditor’s expert may include: Whether management has used a management’s expert in preparing the financial statements; Nature and significance of the matter; Risk of material misstatement in the matter; Expected nature of procedures to respond to identified risks; and Availability of alternative sources of audit evidence available on the matter.
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© Peter T. Y. Lau and Nelson C. Y. Lam © Pilot Publishing Co. Ltd. 2009
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