What Are Three Factors That Have Increased the Importance of Obtaining

question 144

Essay

What are three factors that have increased the importance of obtaining an understanding of a client's business and industry?
How can an auditor obtain this understanding?

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Definitions:

Information Processing

The methods by which individuals perceive, analyze, manipulate, store, and recall information in their brain.

Questions

Inquiries or prompts that seek information, clarification, or exploration of topics, ideas, or problems.

Hands-On Use

Direct interaction and engagement with tools, machines, software, or materials to perform tasks or learn something new.

Personal Practice

The routine or habitual actions and activities an individual undertakes to maintain or improve their skills or wellbeing.