Match the appropriate terms from the drop down provided to the definitions. Definitions List of terms 1. The audit stage involving gaining an understanding of the client, identifying risk factors, developing an audit strategy, and assessing materiality. 2. Information that impacts the decision-making process of the users of the financial statements. 3. 4. 5. An approach that sets the scope, timing, and direction of the audit and provides the basis for developing a detailed audit plan. The audit stage involving detailed testing of controls and substantive testing of transactions and accounts. 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.