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Kim Smith.
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Noah098
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maam when there is management expert why does auditor need to obtain alternative sources of evidence, apart from valuation report? Is It because of a potential for valuation report to be biased?
and does the auditor look out other audit evidence in case of auditor’s expert?
Kim Smith
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If valuation is material, auditor cannot simply “tick a box” and conclude that because an expert puts a value of $20m on a property, for example, that that is sufficient. See last section of Chapter 23 starting “The auditor must evaluate the adequacy of the expert’s work including:” for further requirements.
Noah098
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