WHY do auditors need to UNDERSTAND their clients? ISA/ASA 315 explained (part 1)

For the new ISA315 coming in 2021 - check out this video - Revised ISA315 - how do we identify SIGNIFICANT RISKS? https://youtu.be/SgH8A1kImbQ I think ASA/ISA 315 is one of the key standards that sest the entire foundation of the audit and audit strategy. This standard is so important I’ve broken it into 3 parts - the Standard, the Explanatory Paragraphs and the new Exposure Draft. My ultimate audit video study guide is available here https://amandalovestoaudit.com/learning-resources/audit-study-guide/ If you have questions about ASA/ISA 315, add them in the comments below. Part 2 of the video here! https://youtu.be/bvWB3wgRKMQ Find ASA 315 here http://www.auasb.gov.au/Pronouncements/Australian-Auditing-Standards.aspx #StandardsExplained #SignificantRisks #AuditRisks #ILoveAudit #Auditing Subscribe to watch more auditing videos! https://www.youtube.com/user/AmandaLovesToAudit Catch me on social media! https://www.facebook.com/amandalovestoaudit/ https://www.twitter.com/amandasaudit http://instagram.com/amandalovestoaudit Mic - Rode SmartLav+ Explain Everything iPad app LumaFusion iPad app Sony A6500 + 28mm f2 + Rode Video Mic Pro Joby Gorillapod