MEANING

AAS 1350 views 11 replies

WHAT IS THE DIFFERENCE BETWEEN THE TERMS "ENGAGED" AND "EMPLOYED"?

IN SA 620, IT WAS GIVEN :

AN EXPERT MAY BE ENGAGED BY THE AUDITOR OR

                                       EMPLOYED BY THE AUDITOR

Replies (11)

in my opinion engaged means keeping an expert busy in that job and employing means giving him the job without the supervision of the auditor. 

Engaged refers to hire for a short term period or for a particular task. When the task ends the service of expert also ends.

And employed means you have hired the person or expert parmanently and you will take his service in all your tasks. His work is not limited for a single task.

Engaged person will get fee or say commission for the task whereas the expert or person will get salary for his services.

Thanks for the clear explanation

Agreed with Abhimanyu.

THANK U SIR

Originally posted by : RAKESH

in my opinion engaged means keeping an expert busy in that job and employing means giving him the job without the supervision of the auditor. 

Yaa mee too agreee with rakesh

according to me Engaged = Prinicipal & agent relationship & Employed = Master & Servant relationship
Originally posted by : Rupesh Kalantri
according to me

Engaged = Prinicipal & agent relationship &

Employed = Master & Servant relationship

Thanks for all

Originally posted by : Abhimanyu Bind

Engaged refers to hire for a short term period or for a particular task. When the task ends the service of expert also ends.

And employed means you have hired the person or expert parmanently and you will take his service in all your tasks. His work is not limited for a single task.

Engaged person will get fee or say commission for the task whereas the expert or person will get salary for his services.

All about SA i.e Standards on Auditing,

Audit in all - PCC/IPCC


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