DESCRIPTION
This module provides participants with a process for utilizing the work of a specialist in any part of an audit engagement. The module also covers a GAAS-compliant process for auditing fair value estimates created by management utilizing data-driven problem solving and analytical vigilance.
LEARNING OBJECTIVES
- List GAAS requirements related to auditing fair value measurements and using the work of a specialist
- Apply appropriate audit procedures to test fair value estimates, including auditing underlying data, methods, and assumptions used by management
- Document procedures performed to test fair value, including requirements related to the auditor’s specialists and management’s specialists
