Knowledge-based Audits of Commercial Entities, 2007

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Knowledge-Based Audits of Commercial Entities provides a unique approach for complying with the new audit standards. The knowledge-based audit approach: 1) facilitiates compliance with GAAS; 2) encourages more efficient audits through customized audit programs; and 3) helps auditors to identify and focus on risks. The results of one set of procedures become input for another. By following the KBA methodology, firms gain a deeper understanding of their audit clients. With all of the information at their fingertips, they are able to make informed risk assessments using their own professional judgment and expertise.

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