Here are some key considerations for auditors in relation to IFRS application approach:

1. Understand the Industry: Auditors need to have a good understanding of the industry in which the company operates, as this will affect the application of IFRS. For example, companies in the oil and gas industry may have different accounting treatments for exploration and development costs compared to companies in the manufacturing industry.
2. Materiality: Auditors must consider materiality when assessing the application of IFRS. This involves considering both quantitative and qualitative factors, and applying professional judgment to determine what is material.
3. Professional Skepticism: Auditors must maintain an attitude of professional skepticism, which involves questioning management's assumptions and challenging the information provided to them. This helps ensure that the financial statements are not materially misstated.
4. Internal Controls: Auditors need to evaluate the internal controls of the organization being audited, to ensure that the financial statements are accurate and reliable. This includes assessing the design and implementation of controls, as well as testing their effectiveness.
5. Documentation: Auditors must document their work and conclusions in a clear and concise manner. This includes documenting their understanding of the company's accounting policies, their assessment of materiality, and their evaluation of the internal controls.

For example, suppose an auditor is auditing the financial statements of a retail company that uses IFRS. The auditor needs to understand the specific accounting treatments that apply to the retail industry, such as inventory accounting and revenue recognition. The auditor must also consider materiality when assessing the application of IFRS and maintain a skeptical attitude throughout the audit process. The auditor must evaluate the internal controls of the company to ensure that the financial statements are accurate and reliable, and document their work and conclusions in a clear and concise manner.