The need for knowledge management

The concept of Knowledge Management (KM) is new to me, well.. the term is new, the idea is familiar.  Having spent most of my career thus far as a professional dancer/aerialist and freelance graphic designer, I haven't personally dealt with many KM issues. However, I hear a friend's grumbles on getting information, making sure it's the correct information, and knowing how to apply it (the way their superiors want them to, however conflicting that may be from one to another). Unfortunately there hasn't been an overhaul of "managing" the information or knowledge and creating trainings to be sure everyone knows what is expected of them and how to access things. Keep in mind, they're a CPA and Senior Auditor of a small accounting firm. They know how to perform the audits, but it has taken their own personal drive to ask questions constantly, almost beg for guidelines, and just look it up themselves...sometimes by using resources that larger firms put out. They have finally reached a point where they are personally training (informally through zoom meetings and phone calls) the new hires and associates because they don't want anyone else to have to go through the confusion and frustration that they went through when they were learning. The firm even asked them to create some trainings to help codify their methodologies. I'm curious if anyone else has experienced such a LACK of knowledge management in a formal workplace like this?