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Using The Work Of Others Essay

6572 words - 27 pages

(Effective for audits of financial statements for periods beginning on or after December 15, 2009)

Paragraph Introduction Scope of this ISA ........................................................................................ The Auditor’s Responsibility for the Audit Opinion ................................... Effective Date ............................................................................................. Objectives .................................................................................................. Definitions ...view middle of the document...

.................................................................................................. A21–A22 Agreement with the Auditor’s Expert ......................................................... A23–A31 Evaluating the Adequacy of the Auditor’s Expert’s Work .......................... A32–A40

ISA 620



Reference to the Auditor’s Expert in the Auditor’s Report ......................... A41–A42 Appendix: Considerations for Agreement between the Auditor and an Auditor’s External Expert

International Standard on Auditing (ISA) 620, “Using the Work of an Auditor’s Expert” should be read in conjunction with ISA 200, “Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with International Standards on Auditing.”


ISA 620



Scope of this ISA 1. This International Standard on Auditing (ISA) deals with the auditor’s responsibilities relating to the work of an individual or organization in a field of expertise other than accounting or auditing, when that work is used to assist the auditor in obtaining sufficient appropriate audit evidence. This ISA does not deal with: (a) Situations where the engagement team includes a member, or consults an individual or organization, with expertise in a specialized area of accounting or auditing, which are dealt with in ISA 220;1 or The auditor’s use of the work of an individual or organization possessing expertise in a field other than accounting or auditing, whose work in that field is used by the entity to assist the entity in preparing the financial statements (a management’s expert), which is dealt with in ISA 500.2



The Auditor’s Responsibility for the Audit Opinion 3. The auditor has sole responsibility for the audit opinion expressed, and that responsibility is not reduced by the auditor’s use of the work of an auditor’s expert. Nonetheless, if the auditor using the work of an auditor’s expert, having followed this ISA, concludes that the work of that expert is adequate for the auditor’s purposes, the auditor may accept that expert’s findings or conclusions in the expert’s field as appropriate audit evidence.

Effective Date 4. This ISA is effective for audits of financial statements for periods beginning on or after December 15, 2009.

5. The objectives of the auditor are: (a) (b) 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.

1 2

ISA 220, “Quality Control for an Audit of Financial Statements,” paragraphs A10, A20–A22. ISA 500, “Audit Evidence,” paragraphs A34–A48.

ISA 620



6. For purposes of the ISAs, the following terms have the meanings attributed below: (a) Auditor’s expert – An individual or organization...

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