The expanding role of experts across engagements

The use of external experts is now standard in audits, reviews, other assurance engagements, and related services engagements. As financial reporting, assurance scopes and regulatory expectations continue to evolve, the use of external experts has become integral to addressing areas that involve significant judgment, estimation uncertainty, and specialized technical knowledge. Auditors increasingly draw on valuation experts, actuaries, engineers, legal and tax specialists, environmental and sustainability experts, and other specialists in areas such as the valuation of complex assets and liabilities (including financial instruments, land and buildings, plant and machinery, intangible assets, employee benefit obligations and litigation-related liabilities), estimation of oil and gas reserves, and interpretation of contracts, laws and regulations. Expert involvement is also increasingly relevant in sustainability-related engagements, including the calculation of greenhouse gas emissions, measurement of pollutants, assessment of decarbonisation plans, use of offsetting mechanisms, and valuation of products designed for a sustainable economy.