Conformity with International Standards Conformity with International Standards on Auditing

Conformity with International Standards on Auditing

28 Except as noted below, this Auditing Standard conforms with International Standard on Auditing ISA 620 Using the Work of an Expert, issued by the International Auditing and Assurance Standards Board of the International Federation of Accountants. The main difference between this Auditing Standard and ISA 620 is:

• This Auditing Standard includes the following explanatory guidance paragraphs that are not included in ISA 620:

♦ Although the auditor may use the work of an expert as audit evidence, under ASA 700 The Auditor’s Report on a General Purpose Financial Report, the auditor retains full responsibility for the audit opinion on the financial report (paragraph 9).

♦ Where an expert is employed by or related to the entity, the auditor would ordinarily consider whether there are any mitigating factors such as professional and/or statutory obligations governing the work of an expert, that would impact on the objectivity of the expert. For example it is common practice for the actuary of a life insurance company to be an employee (paragraph 16).

Compliance with this Auditing Standard enables compliance with ISA 620.