- 1 Marks
Question
A person or firm possessing special skills, knowledge, and experience in a particular field other than accounting, which may be used by the auditor as a basis to form an opinion on the financial statements is referred to as …………………
Answer
Expert
Explanation:
In auditing, an Expert is an individual or firm with specialized knowledge and skills in a field other than accounting, such as valuation, engineering, or legal services. Auditors may rely on experts to provide evidence or insights that support the audit opinion, particularly when specialized knowledge is necessary to assess certain aspects of the financial statements accurately.
- Tags: Audit Expert, Financial Statements, Opinion Basis, Specialist
- Level: Level 3
- Topic: Use of Experts in Audits
- Series: NOV 2011
- Uploader: Dotse