Question: 8 - 2 7 ( Objectives 8 - 2 , 8 - 3 , 8 - 4 , 8 - 5 ) The following are

8-27(Objectives 8-2,8-3,8-4,8-5) The following are various activities an auditor
does during audit planning.
1. Review accounting principles unique to the clients industry
2. Determine the likely users of the financial statements
3. Evaluate the appropriate financial statement measures for
determining amounts likely to be considered material by users of
the financial statements
4. Identify whether any specialists are required for the engagement
5. Send an engagement letter to the client
6. Tour the clients plant and offices
7. Specify materiality levels to be used in testing of accounts
receivable
8. Compare key ratios for the company to those for industry
competitors
9. Review managements risk management controls and procedures
10. Identify potential related parties that may require disclosure

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