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  • Relying On Work of An Expert

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    Mohanraj
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    An expert should be qualified through membership in a professional body, have relevant experience, and be independent. An expert's report should include details of the source data, assumptions, and conclusions. When auditing a company that uses service organizations, auditors should understand the outsourced areas and whether they are material, check the design and operation of controls, determine who will check controls, and may need to use the work of the service organization's auditors.

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    Relying on Work of an Expert

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    An expert should be qualified through membership in a professional body, have relevant experience, and be independent. An expert's report should include details of the source data, assumptions, and conclusions. When auditing a company that uses service organizations, auditors should understand the outsourced areas and whether they are material, check the design and operation of controls, determine who will check controls, and may need to use the work of the service organization's auditors.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    3 views1 page

    Relying On Work of An Expert

    Uploaded by

    Mohanraj
    An expert should be qualified through membership in a professional body, have relevant experience, and be independent. An expert's report should include details of the source data, assumptions, and conclusions. When auditing a company that uses service organizations, auditors should understand the outsourced areas and whether they are material, check the design and operation of controls, determine who will check controls, and may need to use the work of the service organization's auditors.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 1

    Relying on work of an expert

    Expert should be:

    Qualified (member of a professional body or industry association)


    Experience
    Independent

    Expert’s Report should have:


    Evaluating the Adequacy of the Auditor’s Expert’s Work (the audit procedures carried out to
    evaluate the work done by the expert!)

    Source Data

    Assumptions

    Conclusions

    Service Organizations and Audit

    Accounting Dept
    EY (auditors)
    In-house
    Tetra Pak
    Payroll Processing
    Outsourced

    Factors to Consider

    1. understand outsourced areas-material?


    2. controls - design and operation need to be checked
    3. Who should check controls?
    4. May need to use the work of service organization’s auditors

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