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

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Part $1$

A$.$

Understand the system of internal control and assess control risk

B$.$

Keeping the audit costs reasonable

C$.$

Comparing client data with the industry data

D$.$

Prepare the financial statements

E$.$

Determine if fraud had occurred during the year

F$.$

Understand the$$ client's business and industry

G$.$

Identifying related parties

H$.$

Perform preliminary analytical procedures

I.

Set preliminary judgment of materiality and performance materiality

J$.$

Assess inherent risk

K$.$

Finalize overall audit strategy and audit plan

L$.$

Identify significant risks due to fraud or error

M$.$

Accept client and perform initial planning