Accounting - Audit experts

Introduction

An audit is an important part of the operation of most organisations.

An audit involves a review of the the accounts and records of an organisation to determine that the financial and other statements of the organisation provide a true and fair view of the organisation.

Audits may be conducted by internal audit staff or external independent auditors.

The auditor will often also comment on the extent to which the accounts and other records of the organisation are consistent with the requirements of any relevant regulations or law.

Audits of an organisation are often a useful method of reviewing and improving internal controls, risk management and governance.

At the bottom of this profile are brief details of a number of the experts that Expert Experts represents. Call our office to discuss your requirements and to obtain a recommendation that suits your needs and budget.

Expertise in Action

​The responsibilities and duties of external auditors have received increasing attention in recent decades as legal actions have been commenced against external auditors following corporate collapses.

Experts may be asked to give their opinion as to:

• the professional standards that applied to the work performed by auditors
• the appropriateness of the procedures applied by auditors
• the standard of the work performed by external auditors

Sample Reports

For some fields of expertise we have some sample sections of de-identified reports. Please contact our office if you are interested in a sample.

Cost

The overall cost of expert opinion depends on the services required. Some of the key factors that affect the cost of advice include:

• The need for a view or inspection of a location
• The quantity of documentary material to be reviewed
• Whether there are reports of other experts to be reviewed and commented on in detail
• Whether there is a need for conferences with the expert either in person or by telephone/Skype

Relevant Articles The Liability of Auditors to 3rd Parties in negligence - UNSWLJ Volume 14 1991

"...However a variety of parties other than the audit client may also rely on the audited accounts.."

Not what the doctor ordered: Scope of auditor's duties

A decision of the NSW Supreme Court in Cam & Bear Pty Ltd v McGoldrick – delivered on 3 May 2017 – considered the scope of that duty. The Court found that the auditor had breached his duty of care, but that it was not causative of any loss.

Auditing Litigation and Claims: Conflicts and the Compromise of Privilege

This paper reviews the implications for the auditing profession of a case that involved auditors seeking such representation letters.

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