During the strategic assessment, auditors focus on the organization's overall prospects, including its strategy to create value for customers (Eilifsen, Knechel & Walleage, 2011). When employees and managers take improper actions that adversely affect organizations, fail to identify and respond properly to changes in the business environment, oe misalign strategic objectives and business processes, it may result in fraudulent financial reporting. In order to detect the fraudulent behaviors, it is important that auditors have a holistic understanding of the client's business. According to Eilifsen et al. (2001). a major challenge for auditors is to link the knowledge gained about client's strategy and competitive advantage (i.e., knowledge of client's business), and the resulting business risks to fairness of the client's financial statements.