audit techniques & prior period experience and what are material findings

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Audit techniques involve various methods used to gather evidence and evaluate financial statements. Prior period experience helps auditors understand the client's business and identify areas of risk. Material findings are significant issues that could impact the financial statements.

Audit techniques include sampling, analytical procedures, and substantive testing
Prior period experience involves reviewing previous audits and understanding the client's industry and operations
Material findings could include fraud, errors, or significant accounting policies that require disclosure
Examples of material findings could be a misstatement in revenue recognition or a failure to disclose related party transactions

audit techniques &amp; prior period experience and what are material findings

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audit techniques & prior period experience and what are material findings