An auditor is auditing the fair value of a complex derivative instrument held by a nonissuer. The auditor engages an auditor's specialist to assist in evaluating the valuation model. Which of the following is the auditor's responsibility regarding the specialist's findings?

The auditor should accept the specialist's findings as conclusive audit evidence.

The auditor should evaluate the adequacy of the specialist's work, including the relevance and reasonableness of the specialist's findings and assumptions.

The auditor must reference the specialist in the audit opinion to share responsibility.

The auditor should perform the valuation independently to verify the specialist's result.