Knowledge of industry product trends is not crucial to the auditor's identification of the potential for impairment of assets as the auditor must focus attention on the accounting rules.

Question

Quizplus · Accepted Answer

Knowledge of industry product trends is important in assessing the potential for impairment of assets as changes in the industry can impact the value of the assets being tested for impairment. Therefore, it is important for auditors to consider both accounting rules and industry trends when identifying potential impairment.

Knowledge of Industry Product Trends Is Not Crucial to the Auditor's