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Differences in industry specialist knowledge and business risk identification and evaluation

journal contribution
posted on 2009-07-01, 00:00 authored by R Moroney, Roger SimnettRoger Simnett
This paper argues that opportunities for auditors to gain industry-specific knowledge differ across industry settings. This knowledge is of particular benefit when identifying business risks, information sources, evidence-gathering processes and accounts and related assertions. Two groups of auditors, who specialize in very different industries, are compared. One group specializes in a complex industry, which affords them the opportunity to gain relatively more industry specific knowledge than the other group, which specializes in a less complex (generic) industry. Comparing auditor responses with the answers given by expert panels, we find that auditors working in a complex industry have a greater comparative ability to identify business risks, information sources, and evidence-gathering processes in their industry than auditors working in a generic industry.

History

Journal

Behavioral Research in Accounting

Volume

21

Issue

2

Pagination

73 - 89

ISSN

1050-4753

eISSN

1558-8009

Publication classification

C1.1 Refereed article in a scholarly journal; C Journal article

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