The reputation and independence of the valuation expert directly affect the competency of the evidence utilized for audit purposes.

Question

Quizplus · Accepted Answer

The reputation and independence of the valuation expert can impact the credibility and quality of the evidence obtained for audit purposes. A qualified and unbiased expert is more likely to provide reliable valuation information, which can enhance the auditor's ability to make sound judgments and conclusions. On the other hand, a compromised or questionable expert can result in incomplete, inaccurate, or unreliable valuation data, which can negatively impact the audit quality. Therefore, it is crucial for auditors to assess the qualifications, reputation, and independence of valuation experts before relying on their work as audit evidence.

The Reputation and Independence of the Valuation Expert Directly Affect