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Friday, May 15, 2020 | History

3 edition of Using the work and report of another auditor found in the catalog.

Using the work and report of another auditor

Accountants International Study Group.

Using the work and report of another auditor

professional practice as to the use of the workand report of another auditor in Canada, the United Kingdom, and the United States

by Accountants International Study Group.

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  • 2 Currently reading

Published by Accountants International Study Group in [London] .
Written in English


Edition Notes

Statementby the Accountants International Study Group.
The Physical Object
Pagination[15p.]
Number of Pages15
ID Numbers
Open LibraryOL18968379M

(a) To determine whether to use the work of an auditor’s expert; and (b) If using the work of an auditor’s expert, to determine whether that work is adequate for the auditor’s purposes. 1 SSA , “Quality Control for an Audit of Financial Statements,”paragraphs A10, AA 2 SSA , “Audit Evidence,”paragraphs AA   The SCA, in preparing his report on the financial statements of the bank as a whole, deals with the branch audit reports in such manner as he considers necessary. In such a reporting arrangement Standard on Auditing (SA) , "Using the Work of another Auditor" needs to be emphasized.

Interim Work = when auditor conducts procedures to obtain substantive audit evidence prior to the end of the fiscal year. Efficient for auditor because it spreads work throughout the year. Auditor then "updates" information to verify that earlier audit informatioin done . One common threat in single audits is the self-review threat if the auditor is preparing the financial statements or performing other nonaudit services. Another threat is familiarity. An auditor who has performed a single audit for the same client for many years may .

auditor will be able to be involved in the work of those other auditors to the extent necessary to obtain sufficient appropriate audit evidence. (Ref: Para. A1-A5) The group auditor may not be able to be involved in the work that another auditor will perform on the financial information of a component that is likely to be significant. This.   An audit report is a written opinion of an auditor regarding an entity's financial report is written in a standard format, as mandated by generally accepted auditing standards (GAAS). GAAS requires or allows certain variations in the report, depending upon the circumstances of the audit work in which the auditor engages.


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Using the work and report of another auditor by Accountants International Study Group. Download PDF EPUB FB2

Part of Audit Performed by Other Independent Auditors When the principal auditor decides that he will make reference to the audit of the other auditor, his report should indicate clearly, in both the introductory, scope and opinion paragraphs, the division of responsibility as.

Get this from a library. Using the work and report of another auditor: professional practice as to the use of the work and report of another auditor in Canada, the United Kingdom, and the United States.

[Accountants International Study Group.; Institute of Chartered Accountants in. auditor's work that cannot be carried out as requested.

Similarly, subject to legal and professional considerations, the other auditor will need to be advised of any matters that come to the attention of the principal auditor which may have an important bearing on the other auditor's Size: 43KB.

AUDITING STANDARD ASA Using the Work of Another Auditor Application. 1 This Auditing Standard applies to: (a) an audit of a financial report for a financial year, or an audit of a financial report for a half-year, in accordance with Part 2M.3 of the Corporations Act ; and (b) an audit of a financial report for any other purpose.

International Standard on Auditing (ISA)“Using the Work of Another Auditor” should be read in the context of the “Pre face to the International Standards on Quality Control, Auditing, Review, Other Assurance and Related Services,” which sets out the application and authority of ISAs.

∗ ISA has been revised. The IAASB’s. International Standard on Auditing (ISA)“Using the Work of Internal Auditors” should be read in conjunction with ISA“Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with International Standards on Auditing.”.

Auditor [–] [Superseded by SAS No. 84, effective with respect to acceptance of an engagement after Ma ] (See sectionCommunications Between Predecessor and Successor Auditors.) Reference in Auditor’s Standard Report to Management’s Report Question—One of the basic elements of the auditor's standard reportFile Size: 89KB.

Within paragr there is reference to using the work of others in completing an external audit. This guidance states little on using work of others around auditing the financial statements, and simply references AU sec. “ The Auditor’s Consideration of the Internal Audit Function in an Audit Statements”.

Using the Work of Others in an Audit, an independence rule relating to the auditor's provision of internal control-related non-audit services, and certain amendments to its interim standards. Public Comment: Interested persons may submit written comments to the Board.

Such comments should be sent to the Office of the Secretary, PCAOB, K. Using the work of an auditor’s expert ISAPlanning an Audit of Financial Statements sets out the matters that an auditor should consider, prior to the identification and assessment of the risk of material misstatements.

One of these matters is the involvement of experts. Relevant to ACCA Qualification exams AA and AAA. International Standard on Auditing (ISA)Using the Work of Internal Auditors was revised and published in This standard focuses on whether the external auditor can use the work of the internal audit function for purposes of audit, and the revised version of the standard, clarified whether the internal auditors could be used to.

A proposal issued by the Public Company Accounting Oversight Board (PCAOB) on April 12 seeks to amend current auditing standards and introduces a new standard that pertain to an audit firm’s use of so-called “other auditors” that participate in the audit.

In many audits of large companies, other auditors – independent accounting firms or individual accountants – assist in. Report preferences allow you to customize how your reports will look for each template, allowing you to show/hide different information for each preference you save.

This could be particularly useful if you need to only display certain information for clients and another set of information for internal staff, as well as setting up emails to prefill when sending PDF reports on mobile. Using The Work of an Auditor's Expert, 02 Nov, INTRODUCTION ISA covers, among other matters, the reliability of information produced by a management’s expert.

ISA deals with auditor’s esponsibilities when such auditor uses the work of auditor’s expert. The Auditor: An Instructional Novella [Loebbecke, James K.] on *FREE* shipping on qualifying offers.

The Auditor: An Instructional Novella Comment Report abuse. Michal Bobek. He also points out that pay is not quite in balance with the level of work and responsibility. I think this book would have been better if it didn't Cited by: 4.

The proposal spells out a lead auditor's responsibilities for planning, supervising, and evaluating the work of other auditors. The proposal is intended to increase the lead auditor's supervision of the work of other auditors and to enhance the lead auditor's ability to prevent or detect deficiencies in the other auditors' work.

Stating Compliance with GAGAS in the Audit Report 22 Chapter 3: Ethics, Independence, and Professional Judgment 25 Using the Work of Others Supervision Evidence Overall Assessment of Evidence Accepted Government Auditing Standards Performance Audit Page vi GAOG Government Auditing Standards.

Auditor, as a result of the specialist's findings, adds a paragraph emphasizing a matter regarding the financial statements C. Auditor's report contains a qualified opinion D.

Auditor, as a result of the specialist's findings, decides to indicate a division of responsibility with the specialist for the audit opinion.

All the above include minimum standards to be applied when relying on the work of other auditors and specify what matters the principal auditor, i.e.

the audit authority, has to consider when using the work of another auditor/internal auditors, i.e. other audit Size: 49KB.

Using Work of Others SAUsing the Work of Another Auditor; Revised SAUsing the Work of Internal Auditors; SAUsing the Work of an Auditor’s Expert; Audit Conclusions and Reporting Revised SAForming an.

(D) MATTERS TO BE CONSIDERED IN OBTAINING UNDERSTANDING OF THE WORK OF EXPERT. 1. Whether the auditor has expertise to evaluate the work of expert or whether the auditor needs an auditor’s expert to obtain understanding 2.

Whether the assumptions used the expert are acceptable within the expert’s field and financial reporting purposes. 3.3 Singapore Standard on Auditing (SSA) (Revised ), Using the Work of Internal Auditors, should be read in conjunction with SSAOverall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Singapore Standards on Size: KB.

An internal auditor following Yellow Book standards should add a statement to their audit report regarding their independence. objective and impartial judgment on all issues associated with conducting the engagement and reporting on the work.

But I suspect another reason the GAO is so tough is that they lack empathy for audit shops who.