Staff assigned to an audit engagement must be knowledgeable about the client's industry.

Question

Quizplus · Accepted Answer

This statement is true because having knowledge about the client's industry is essential to understanding their business operations, identifying potential risks, and conducting effective audit procedures. Without this knowledge, auditors may not be able to provide accurate and meaningful insights into the client's financial statements and operations.

Staff Assigned to an Audit Engagement Must Be Knowledgeable About