Topic: Auditing Assurance
Using the Work of an Expert
Tybcom – B
I would like to thank Geeta ma’am for the opportunity given to us for making this informative project
Would also like to thank KC COLLEGE for the knowledge we gain through such an interactive project.
|Sr. No. | Contents |Page No. | |1. |Introduction | | |2. |Determining the Need to Use the Work Of an Expert | | |3. |Objective of the Expert | | |4. |Reference to an Expert in the Auditor’s Report | | |5. |Effective Date | | |6. |Bibliography | | | |6.1 – Content Development | | | |6.2 – Desktop Publishing | | | |6.3 – Printing | | | |6.4 – Lamination | | | |6.5 – Binding | | | |6.6 – Packing | | | |6.7 – Stock Department | | | |6.8 - Warehousing | | | |6.9 – Dispatch | | |7. |Cost and Pricing Department | |
1. Statement on Standard Auditing Practices (SAP) , Basic Principles Governing an Audit, states (paragraphs 9-10):
“When the auditor delegates work to assistants, or uses work performed by other auditors and experts, he will continue to be responsible for forming and expressing his opinion on the financial information. However, he will be entitled to rely on work performed by others, provided he exercises adequate skill and care and is not aware of any reason to believe that he should not have so relied. In the case of any independent statutory appointment to perform the work on which the auditor has to rely in forming his opinion, such as in the case of the work of branch auditors appointed under the Companies Act, 1956, the auditor’s report should expressly state the fact of such reliance.”
“The auditor should carefully direct, supervise and review work delegated to assistants. The auditor should obtain reasonable assurance that work performed by other auditors or experts is adequate for his purpose.”
This Standard discusses the auditor’s responsibility in relation to, and the procedures the...