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16 Mar. 2015

AUASB issues revised Guidance Statement GS 005

The AUASB has released an updated Guidance Statement GS 005 Using the Work of a Management’s Expert.

GS 005 Using the Work of a Management’s Expert

GS 005 Using the Work of a Management’s Expert has been developed to provide guidance to auditors when using the work of a management’s expert as audit evidence.  The AUASB consulted with a number of stakeholders in the development of this Guidance Statement which applies broadly to all types of management’s experts and fills the void between ASA 620 Using the Work of an Auditor’s Expert and ASA 500 Audit Evidence.

GS 005 should assist auditors by providing guidance on

  • identifying when management’s experts are used by management, including the circumstances under which they may be used and the nature of that work;
  • the auditor’s considerations in determining the need to use the work of a management’s expert as audit evidence in carrying out the responsibilities of the auditor with respect to an entity's financial report or other historical financial information; and
  • the auditor’s considerations in determining the information to be used as audit evidence.