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The members of the audit team should discuss the susceptibility of the client’s financial statements to material misstatement. (AU-C 315.11) This discussion will allow team members to exchange information and create a shared understanding of the client and its environment, which in turn will enable each team member to:

 Share his or her knowledge.

 Gain a better understanding of the potential for material misstatement resulting from fraud or error in the assertions that are relevant to the areas assigned to them.

 Exchange information about business risks.

 Understand how the results of the audit procedures that they perform may affect other aspects of the audit.

This “brainstorming session” of the audit team could be held at the same time as the team’s discussion related to fraud, which is required by Section 240. (AU-C 315.A21)