If management hires a specialist to estimate the fair value of a long-lived asset, the auditor should take appropriate steps as required by auditing standards in evaluating the work of the specialist

Question

Quizplus · Accepted Answer

According to auditing standards, if management hires a specialist to estimate the fair value of a long-lived asset, the auditor should take appropriate steps to evaluate the work of the specialist. This includes considering the qualifications and independence of the specialist, assessing the methods used by the specialist, and obtaining sufficient evidence to support the specialist's findings. Therefore, the statement is true.

If Management Hires a Specialist to Estimate the Fair Value