Identify the eight major steps in planning audits. $($Select all that$$ apply.$)$

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Part $1$

A$.$

Finalize overall audit strategy and audit plan

B$.$

Determine if fraud had occurred during the year

C$.$

Understand the$$ client's business and industry

D$.$

Accept client and perform initial planning

E$.$

Identify significant risks due to fraud or error

F$.$

Prepare the financial statements

G$.$

Perform preliminary analytical procedures

H$.$

Keeping the audit costs reasonable

I.

Comparing client data with the industry data

J$.$

Set preliminary judgment of materiality and performance materiality

K$.$

Assess inherent risk

L$.$

Understand the system of internal control and assess control risk

M$.$

Identifying related parties