Question: Prior to beginning the fieldwork for a new audit client in an industry in which the CPA does not possess expertise, the CPA should: Engage

Prior to beginning the fieldwork for a new audit client in an industry in which the CPA does not possess expertise, the CPA should:
Engage financial experts familiar with the industry.
Perform risk assessment procedures.
Design special substantive procedures to compensate for the lack of industry expertise.
Reduce audit risk by lowering planning materiality.

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