606.9 In general terms, the extent
of the understanding, along with the nature, timing, and extent of the
associated risk assessment procedures performed to obtain the
understanding, are affected by factors such as the following:
The auditor's prior experience with the client.
• Materiality and tolerable misstatement.
• Size of the CIRA
.• Type of legal entity (corporation, association, etc.) and development (condominium, planned unit development, etc.)
• Number and nature of operating locations.
• Degree of diversity of systems within the CIRA, including the use of service organizations.
• Nature of the CIRA industry.
• Applicable legal and regulatory requirements.
• Level of business and financial sophistication of the client.