ACCA Audit and Assurance (F8) Practice Exam

What is the role of an Auditor's Expert?

1. To conduct the audit independently

2. To provide expertise in a specific field

3. To oversee the audit process

4. To manage financial records

The correct answer is: To provide expertise in a specific field

The role of an Auditor's Expert is to provide expertise in a specific field. This may involve knowledge in areas such as valuation, legal matters, or specialized sectors where the auditor may not have the required level of expertise. The use of an expert allows auditors to gain a deeper understanding of complex issues that may impact financial statements or audit conclusions. In practice, when an auditor encounters areas that require specialized knowledge—such as assessing the fair value of certain assets, evaluating the appropriateness of complex accounting estimates, or understanding intricate regulatory requirements—the auditor seeks the assistance of an expert to ensure that the audit evidence gathered is sufficient and appropriate. This enhances the credibility and reliability of the audit process. Additionally, the auditor remains responsible for the overall audit opinion, but the input from an expert enables the auditor to assess risks and design appropriate audit procedures more effectively. Therefore, the inclusion of an expert effectively complements the auditor’s skills and assists in addressing key audit issues.