Experts

In this lesson

1. 0:00 Advanced Audit and Assurance: Using the Work of Others
2. 0:28 Experts Employed by Management and Auditors
3. 1:14 Common Areas Requiring Expert Valuation
4. 5:05 ISA 500 and Audit Evidence Requirements
5. 6:23 Using an Auditor's Own Expert
6. 7:16 Assessing Expert Competence, Capability and Objectivity
7. 9:00 Engaging an Expert: Engagement Letter and Terms
8. 10:11 Evaluating Expert Work and Audit Evidence
9. 11:33 Expert Work in the Audit Report

About this lesson

You'll explore when experts are needed (asset valuations, financial instruments, pension calculations, legal opinions, and tax matters), how to assess their competence and objectivity, and the key procedures for using their work as audit evidence. Whether the expert has been engaged by management or by the audit firm itself, you'll understand how to confirm the engagement in writing, evaluate the quality of their work, and ensure you gather sufficient reliable evidence to support your audit opinion—while maintaining your responsibility as the auditor. This lesson covers ISA 500 requirements and practical scenarios you'll encounter in practice. You'll learn to challenge assumptions, verify qualifications and independence, and determine when an expert's work is robust enough to rely on or when further work is needed. By the end, you'll understand why the audit opinion remains solely the auditor's responsibility, even when experts contribute significant evidence to your conclusions.

Duration: 12m