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    This document contains sample exam questions related to engaging and evaluating an auditor's expert. It includes questions about: 1) Key terms of engagement that should be agreed upon with an expert, such as the objectives, scope of work, responsibilities of the auditor and expert, and communication between them. 2) Factors for evaluating the adequacy of an expert's work, such as the relevance and reasonableness of assumptions and methods. 3) Matters to consider regarding an expert's competence, capabilities, and objectivity, as well as evaluating the adequacy of their work. 4) The course of action if the auditor is not satisfied with an expert's work. 5) Matters

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    This document contains sample exam questions related to engaging and evaluating an auditor's expert. It includes questions about: 1) Key terms of engagement that should be agreed upon with an expert, such as the objectives, scope of work, responsibilities of the auditor and expert, and communication between them. 2) Factors for evaluating the adequacy of an expert's work, such as the relevance and reasonableness of assumptions and methods. 3) Matters to consider regarding an expert's competence, capabilities, and objectivity, as well as evaluating the adequacy of their work. 4) The course of action if the auditor is not satisfied with an expert's work. 5) Matters

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    10 views2 pages

    2223 PDF

    Uploaded by

    Harutra
    This document contains sample exam questions related to engaging and evaluating an auditor's expert. It includes questions about: 1) Key terms of engagement that should be agreed upon with an expert, such as the objectives, scope of work, responsibilities of the auditor and expert, and communication between them. 2) Factors for evaluating the adequacy of an expert's work, such as the relevance and reasonableness of assumptions and methods. 3) Matters to consider regarding an expert's competence, capabilities, and objectivity, as well as evaluating the adequacy of their work. 4) The course of action if the auditor is not satisfied with an expert's work. 5) Matters

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    of 2

    Autumn 2018

    Autumn 2017

    Spring 2016 – Q.9

    You are the audit manager in a firm of Chartered Accountants. Your firm is often required to engage an
    auditor’s expert for reporting on matters relating to the audits.

    (a) List four key terms of engagement which should be agreed with the expert. (02)
    (b) Specify the factors which should be considered in evaluating the adequacy of the work performed
    by the expert.(04)

    Spring 2015 – Q.4

    Mineral Limited (ML) has incorporated a liability for gratuity payable to its employees on the basis of
    actuarial valuation carried out by Professionals Limited (PL). As the audit partner of ML you are not
    satisfied with the valuation report prepared by PL, and have decided to appoint Experts Limited (EL) to
    carry out the valuation exercise again.

    Required:
    (a) State the matters that you would consider regarding:
    (i) The competence, capabilities and objectivity of EL. (03)
    (ii) Evaluation of the adequacy of EL’s work. (03)
    (b) Briefly discuss the course of action in case you are not satisfied with the work performed by
    EL.(03)

    Spring 2013 – Q.2

    You are the manager responsible for the audit of Park Hotels Limited (PHL), which operates three hotels
    in Pakistan. PHL has adopted the revaluation model for the valuation of buildings. In the current year,
    revaluation has been carried out by a new firm, Farhan Associates (FA). PHL has incorporated the
    effects of revaluation in the financial statements accordingly.

    Required:

    a) Briefly describe the matters that you would consider before using the report prepared by FA. (04
    b) Identify and explain the principal audit procedures to be performed on the valuation of the hotel’s
    buildings. (06)

    Autumn 2010 – Q.8

    When expertise in a field other than accounting or auditing is necessary to obtain sufficient appropriate
    audit evidence, the auditor has to determine whether to use the work of an auditor’s expert.

    Required:
    List down the sources from where the auditor may get the information regarding the expert’s competence,
    capabilities and objectivity. (06)

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