If expertise in a field other than accounting or auditing is necessary to obtain sufficient appropriate audit
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• The valuation of complex financial instruments, land and buildings, plant and machinery, jewellery, works of art, antiques, intangible assets, and business combinations and conducting impairment reviews
• The actuarial calculation of liabilities associated with insurance contracts or employee benefit plans
• The estimation of oil and gas reserves
• The valuation of environmental liabilities, and site clean-up costs
• The interpretation of contracts, laws, and regulations
• The analysis of complex or unusual tax compliance issues
Required:
How does an auditor determine the need to use an expert when developing the overall audit strategy? What additional work does an auditor need to perform if planning to use an expert’s work as audit evidence to form an audit opinion?
Intangible Assets
An intangible asset is a resource controlled by an entity without physical substance. Unlike other assets, an intangible asset has no physical existence and you cannot touch it.Types of Intangible Assets and ExamplesSome examples are patented...
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Related Book For
Auditing An International Approach
ISBN: 978-0071051415
6th edition
Authors: Wally J. Smieliauskas, Kathryn Bewley
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