Question: An important reason for auditors to obtain a good knowledge of a client's industry is that: organizations like city governments have unique accounting requirements that
An important reason for auditors to obtain a good knowledge of a client's industry is that:
organizations like city governments have unique accounting requirements that could be complex.
payroll processing functions could differ from client to client.
detection risk must be set in accordance with the needs of the industry as well as of the individual client.
control risks will vary from zero to and can be better assessed in context.
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