$1.$ ISA $315$: Identifying and assessing risks of material misstatement through understanding the entity and its environment, requires auditors to assess the risks of material misstatement of the financial statements whether due to fraud or error, through obtaining an understanding of the entity and its environment, including internal controls, in order to be able to design and perform further audit procedures.

Required:

Discuss FOUR $(4)$ procedures that should be carried out to obtain an understanding of an entity in the conduct of a first time audit.