Expectation 7: The Committee expects that the external auditor will need to make use of specialised skills, which will require the use of auditor's experts, to effectively audit ECL. Auditor's experts will likely be used for some or all of the following matters in relation to the key components of ECL: credit risk measurement and management, estimating loan recoveries and valuations, macroeconomic forecasts and econometric modelling, credit risk modelling and data and IT systems design.

55. The external auditor is required to assess the expert resources it will need to undertake the audit, including in relation to ECL [ISA 300, Planning an Audit of Financial Statements, paragraphs 8 and A8; and ISA 620, Using the Work of an Auditor's Expert, paragraph 7.]. Auditor's experts should have a deep knowledge of their respective fields, including understanding current and emerging best practices. They therefore have a greater ability to assess the reasonableness of some aspects of management's approach and to provide alternative views and assumptions. They also may have a greater ability and credibility to challenge management and their experts. These attributes also make them suitable to use as part of a stand back test when assessing whether the ROMM conclusions remain appropriate or whether sufficient and appropriate audit evidence has been obtained.