Question

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9. Refer to textbook chapter 6, section titled Using a Specialist/Expert to Assist with Obtaining Evidence. Auditors are often faced with tasks for which they are either not competent to performer for reasons of conflict of interests are not permitted to perform for their clients. Complex valuation issues are a good example of work the auditor cannot or should not perform for audit clients. Thus, in order to audit those complex valuations, the auditor may hire an independent expert to perform the task. Nonetheless, the auditor stil is responsible for the complete audit and for that reason must performs certain tests of the expert's work and satisfy His/herself that the expert is in fact qualified to perform the work AU-C Section 620, using the work of an Auditor's Specialist provides the authoritative guidance for the auditor to use the work of specialists (experts), AU-C 620.05 states that the objectives of the auditor ara to determine whether to use the work of an auditor's specialist and if using the work of an auditor's specialist, to determine whether that work is adequate for the auditor's purposes. If the client hires the specialist, the auditor's guidance for this situation is covered in AU-C500 Audit Evidence Select the item that is not requirement that the auditor should meet when using an auditor's specialist O a. The professional certification license, or other recognition of the competence of the specialist in his or hered, as appropriate O b. The reputation and standing of the specialist in the views of peers and others familiar with the specialist's capability or performance OC. The specialist's experience in the type of work under consideration Od. Determining who will pay the specialist's fees

Answer 1

ANSWER :-

Option 'D' - Determining who will pay the specialist.

It is not a requirement that the auditor should meet when using auditor's specialist.

As per SA -620 Using the work of auditor's expert

A individual / organization possessing expertise on a field other than accounting and auditing whoes work is used by auditor in obtaining evidence.