A thorough understanding of the client entity, its business and its environment, and knowledge of the
company's business and industry are essential for doing an adequate audit.ASA 315 provides an overview of five components to this understanding.Identify and discuss each of these five components.

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The Answer of A thorough understanding of the client entity, its business and its environment, and knowledge of the
company's business and industry are essential for doing an adequate audit.ASA 315 provides an overview of five components to this understanding.Identify and discuss each of these five components.

A Thorough Understanding of the Client Entity, Its Business and Its