For each audit$$ activity, select which phase of the audit the procedure was likely performed$($client acceptance, audit$$ planning, assess risk of material$$ misstatement, develop risk$$ response, perform risk$$ responses, conclusion, or$$ reporting$).$

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Part $1$

Audit activity

Phase

Examine invoices supporting recorded fixed$-$asset additions.

$$

Review industry databases to assess the risk of material misstatement in the financial statements.

$$

Summarize misstatements identified during testing to assess whether the overall financial statements are fairly stated.

$$

Test computerized controls over credit approval for sales transactions.

$$

Send letters to customers confirming outstanding accounts receivable balances.

$$

Perform analytical procedures comparing the client with similar companies in the industry to gain an understanding of the client's business and strategies.

$$

Compare information on purchases invoices recorded in the acquisitions journal with information on receiving reports.