Knowledge of the client's business combined with analytical procedures assist in identifying possible oversights in an audit.

Question

Quizplus · Accepted Answer

Knowledge of the client's business is important in understanding the risks and potential oversights in the audit. Analytical procedures can also help identify potential errors or inconsistencies in the financial statements. Therefore, combining these two factors can assist in identifying possible oversights in an audit.

Knowledge of the Client's Business Combined with Analytical Procedures Assist