8-29 (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 client's industry2. Determine the likely users of the f inancial statements3. Evaluate the appropriate f inancial statement measures for determining amounts likely to be considered material by users of the f inancial statements4. Identify whether any specialists are required for the engagement5. Send an engagement letter to the client6. Tour the client's plant and off ices7. Specify materiality levels to be used in testing of accounts receivable8. Compare key ratios for the company to those for industry competitors9. Review management's risk management controls and procedures10. Identify potential related parties that may require disclosureFor each procedure, indicate which of the f irst four parts of audit planning the procedure primarily relates to: (1) accept client and perform initial audit planning; (2) understand the client's business and industry; (3) perform preliminary analytical procedures; (4) set pre-liminary judgment about materiality and performance materiality.