Document ID: chunk:federal_register_of_legislation:F2021L00403:body:0:p20
Version: federal_register_of_legislation:F2021L00403
Segment Type: other
Provision Reference: 
Character Range: 55773–58823

Such bodies may also establish other appropriate requirements such as conducting periodic external quality assessments.

94.               As a result of the footnote deletion above, subsequent footnotes of this Auditing Standard are re-numbered and references to these footnotes are updated accordingly.

Amendments to ASA 620 Using the Work of an Auditor's Expert

95.               Existing footnote 1 in paragraph 2 is amended to read as follows:

96.               See ASA 220 Quality ControlManagement for an Audit of a Financial Report and Other Historical Financial Information, paragraphs A10, A20-A22A19.

97.               Existing paragraph 8 is amended to read as follows:

The nature, timing and extent of the auditor's procedures with respect to the requirements in paragraphs 9-13 of this Auditing Standard will vary depending on the circumstances. In determining the nature, timing and extent of those procedures, the auditor shall consider matters including: (Ref: Para. A10)

(a)  …

         (e)  Whether that expert is subject to the auditor's firm's system of quality control policies and proceduresmanagement. (Ref: Para. A11-A13)

98.               Existing paragraph A6 is amended to read as follows:

If the preparation of the financial report involves the use of expertise in a field other than accounting, the auditor, who is skilled in accounting and auditing, may not possess the necessary expertise to audit that financial report. The engagement partner is required to determinebe satisfied that the engagement team, and any auditor's experts who are not part of the engagement team, collectively have the appropriate competence and capabilities, including sufficient time, to perform the audit engagement.5 Further, the auditor is required to ascertain the nature, timing and extent of resources necessary to perform the engagement.6 The auditor's determination of whether to use the work of an auditor's expert, and if so when and to what extent, assists the auditor in meeting these requirements. As the audit progresses, or as circumstances change, the auditor may need to revise earlier decisions about using the work of an auditor's expert.

99.               Existing footnote 5 in paragraph A6 is amended to read as follows:

See ASA 220, paragraphs 1425-28.

100.           Existing footnote 7 in paragraph A7 is amended to read as follows:

See ASA 220, paragraphs A21A99-A102.

101.           Existing paragraph A10 is amended to read as follows:

The nature, timing and extent of audit procedures with respect to the requirements in paragraphs 9-13 of this Auditing Standard will vary depending on the circumstances. For example, the following factors may suggest the need for different or more extensive procedures than would otherwise be the case:

           * …

           * The expert is an auditor's external expert and is not, therefore, subject to the firm's system of quality control policies and proceduresmanagement.

102.           Existing paragraph A11 and its sub-heading are amended to read