Using the Work of An Expert - Completed

  • Using the Work of An Expert - Completed

    Project Status

    Project completed.


    Michael Nugent

    Task Force

    Josef Ferlings, Chair
    Claudio S Castello Branco, External member (INTOSAI)
    Craig Crawford, Member
    Dale Gislason, Liaison member (IFAC SMP Committee)
    Greg Shields, External member (CICA)
    The Task Force also maintained active liaison with:

    • Sam Gutterman, International Actuarial Association, and
    • Jan Munro, IFAC IESBA


    Objective(s) of project

    The objective of this project is to revise ISA 620, Using the Work of an Expert.


    The project was initiated for a number of reasons. First, there were concerns that the extant ISA 620 mainly focused on the use of experts with respect to substantive procedures regarding the measurement of account balances, whereas experts may be used for other purposes during the audit. Secondly, it seemed likely that developments in financial reporting, such as the wider use of fair value accounting, might require more frequent use of experts by the auditor. Finally, several national auditing standards had recently updated their corresponding national standards in a number of respects.

    Task Force progress / Board discussions to date

    The IAASB considered and approved the project proposal at its December 2004 meeting. A project task force was formed, which developed an issues paper that was discussed at the December 2005 IAASB meeting.

    The Task Force presented the first draft of a proposed revised ISA 620 at the July 2006 IAASB meeting.

    Further issues papers and revised drafts were presented at the October 2006, April 2007, July 2007, and September 2007 IAASB meetings. An Exposure Draft was issued in October 2007 with a comment date of February 15, 2008.

    The IAASB considered a summary of significant comments and a revised draft of the proposed ISA at its June 2008 meeting.

    The IAASB approved ISA 620 (Revised and Redrafted), Using the Work of an Auditor's Expert in September 2008. The ISA is effective for audits of group financial statements for periods beginning on or after December 15, 2009. A Basis for Conclusions provides background to the project, main comments received on the exposure draft, and the IAASB's conclusions regarding these comments in developing the final standard.

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