ACCA · Question 07 · Audit evidence
CASE 2: GREENYIELD AGRI CO-OP
GreenYield Agri Co-op is a large agricultural cooperative specializing in organic crop production and livestock. You are the audit senior. The year-end is 31 December 2025. GreenYield uses an independent agronomist to value its biological assets. During the year, a new computerized inventory system was implemented. The audit team is planning the inventory count attendance and evaluating the reliability of the agronomist's report.
Before relying on the valuation report provided by the independent agronomist (management's expert), what must the auditor evaluate in accordance with ISA 500?
Answer options:
Only the mathematical accuracy of the calculations within the agronomist's report.
The competence, capabilities, and objectivity of the agronomist, and the appropriateness of their work.
The agronomist's audit qualifications and their membership in an accounting body.
Nothing, as the expert is independent, the auditor can place full reliance on the report without further work.
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