Valuation Specialists is defined as the expert in field other than accounting and auditing. Auditors use the work of such experts to help them find out about the management assertions regarding a specific item/balance. Although Valuation specialists perform many of the most difficult and important elements in audit estimates, but still auditors retain the final responsibility for making overall conclusions about estimates. These specialist/experts help auditors in identifying and assessing risk of material misstatement. To select: The correct option.

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Chapter 16, Problem 16.23MCQ

To determine

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Valuation Specialists is defined as the expert in field other than accounting and auditing. Auditors use the work of such experts to help them find out about the management assertions regarding a specific item/balance.

Although Valuation specialists perform many of the most difficult and important elements in audit estimates, but still auditors retain the final responsibility for making overall conclusions about estimates.

These specialist/experts help auditors in identifying and assessing risk of material misstatement.

To select: The correct option.

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