Who is considered an 'auditor's expert'?

An 'auditor's expert' is recognized as an individual with specialized knowledge in a field outside of accounting and auditing, making them competent to assist the auditor in their work. This expertise can relate to areas such as engineering, law, environmental science, or other technical fields, depending on the specific context of the audit. The purpose of involving an expert is to gain insights that are beyond the auditor's own knowledge and skills, ensuring a more thorough and accurate evaluation of certain aspects of the financial statements or business operations.

While a qualified accountant or a former auditor could provide valuable insights, they do not fit the definition of an auditor's expert if their expertise is strictly within accounting or auditing. A regulatory authority is also not considered an auditor's expert as its role is more about governance and oversight rather than providing specialized knowledge for a specific audit. Thus, the role of the auditor's expert is crucial as it bridges the gap between the auditor’s capabilities and the specialized knowledge required to make informed judgments in areas relevant to the audit process.