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  • For an unmodified opinion, does the opinion reference the use of specialists?

    If the auditor has issued an unmodified opinion, they will not be required to reference the work of the specialist. However, if the auditor has issued a modified opinion (qualified, adverse, or disclaimer), they should refer to the specialist if the information gathered from their work enables the readers of the financial statements to better […]

  • What type of opinion should the audit team issue if the specialist work indicates a departure from US GAAP?

    If the audit team engages a specialist, and the specialists work indicates a departure from GAAP, then the audit team should issue a qualified or adverse opinion.

  • How should the audit team assess a specialist prior to engaging them?

    The auditor should have a general understanding of the specialist’s line of work to be able to predetermine the amount of work that they will need to rely on when assessing the required resources in their pre-audit assessments. The auditor should be aware of the specialist’s abilities to perform their specialty, their competence, and their […]