This study examined the relationship between level of experience and application of prior financial knowledge on the ability of auditing students and professionals to answer questions about financial statements. This study answers the following questions: (1) Is there a positive relationship between experience and the number of causal relations between financial concepts; and (2) What are the qualitative differences between the groups when the questions differ in complexity. A total of 25 fourth-year graduate students majoring in auditing, 29 postgraduate students with an average of 1.5 years of professional experience, and 22 postgraduate students with an average of 7 years professional experience were asked 10 questions of varying difficulty about a corporate financial statement. The study found that as student experience level increased, so did the application of financial causal knowledge. It also found that the more experienced students answered the more complex questions significantly better than the less experienced students did. The study concludes that experienced auditing students have a better organized and more complex financial knowledge network than less experienced auditing students. (MDM)