Match the appropriate terms from the drop down provided to the definitions. Definitions 1. The audit stage involving gaining an understanding of the client, identifying risk factors. developing an audit strategy, and assessing materiality. List of terms Question 3 Multiple Choice Question 3 Multiple Choice 2. Information that impacts the decision-making process of the users of the financial statements. Question 30 3. An approach that sets the scope, timing, and direction of the audit and provides the basis for developing a detailed audit plan. Multiple Choice 4. The audit stage involving detailed testing of controls and substantive testing of transactions and accounts. Question 37 Multiple Choice 5. The audit stage involving evaluating the results of the detailed testing in light of the auditor's understanding of their client and forming an opinion on the fair presentation of the client's financial statements