Please answer the following questions: a. What is the objective when planning for an audit of financial statements? (1) b. Once the audit strategy and plan are formulated, they should not be changed. Give reasons why you agree or disagree with this statement. (2) c. What is the overall audit strategy? (2) d. Does the process of setting an audit strategy assist the auditor in determining the resources necessary for the audit, please discuss. (2) e. The availability of audit resources should be a major factor in determining the audit strategy and plan. Give reasons why you agree or disagree with this statement. (2) f. Do preliminary engagement activities forrn part of planning? Explain. (1) g. Ir what way does adequate planning benefit the audit of financial statements? (3) h. What is the audit plan and what does it include? (3) i. Should the audit strategy and plan be discussed with the audit client and why? (2) j. Explain why it is necessary to set a planing materiality level before conducting risk assessment procedures. (z) The stages of the audit process are as follows: 1. The preliminary stage 2. The planning stage 3. Responding to assessed risk stage 4. Concluding stage Indicate during which stage each of the below activities will take place. a. Members of the audit team selected a sample of journal entries on which to conduct a combination of tests of controls and substantive procedures. (1) b. The audit seniors set the performance materiality limits for the audit of the major accounts balances. (1) c. A trainee on the audit team obtained certificates of balances at year end 31 March 2017 from all the long term creditors. (1) d. A discussion was held between your firm's senior partner and the previous auditor of the client, to discuss whether the previous auditor was aware of any professional reason why you audit firm should not accept the audit. (1) e. The audit manager considered whether ail material events which occurred after year-end up to the date of the audit report were identiffed and appropriately dealt with. (1)