What it is
When a valuation, actuarial or engineering specialist supports a significant account, the file should show why one was needed, why the specialist was suitable, what the specialist was asked to do and how the team evaluated the work.
The memo follows the structure of PCAOB AS 1210: assessing knowledge, skill, ability and objectivity, informing the specialist and evaluating the work.
When to use it
- Valuations, actuarial estimates and technical assessments used for audit evidence.
- Audits of issuers using PCAOB standards.
- Nonissuer audits that want the same discipline.
What’s inside
- Need for the specialist and alternative considered
- Qualification and objectivity table
- Scope, materiality and information given
- Evaluation table and conclusion
Standard cited
This template follows AS 1210. It is written in our own words, except for phrases the standard requires the document to contain, with [bracketed placeholders] for client details, amounts in USD and dates as MM/DD/YYYY. Check it against the current standard and your firm’s methodology before use.
Questions
Does it apply to management’s specialist?
No. AS 1210 covers a specialist engaged by the auditor’s firm. Evidence from a management specialist is evaluated under the audit evidence standard.
Does it apply to nonissuers?
Use it as a structure. The AICPA has its own requirements on using the work of an auditor’s specialist that govern a nonissuer audit.
Related templates
- ESOP Valuation Specialist Evaluation Memo
- Accounting Estimates Audit Memo
- ASC 820 Fair Value Hierarchy Memo
- Audit Planning Memo (AU-C 300)
Last updated 11/06/2026. All free templates.