Question 5 1. What is the objective when planning for an audit of financial statements? 2. Once the audit strategy and plan are formulated, they should not be changed. True or False? Give reasons 3. What is the overall audit strategy? 4. Does the process of setting an audit strategy assist the auditor in determining the resources necessary for the audit, please discuss? 5. The availability of audit resources should be a major factor in determining the audit strategy and plan? True or false give reason. 6. Do premilary engagements activities form part of planning? explain 7. In what way does adequate planning benefits the audit of financial statements? 8. What is the audit plan and what does it include? 9. Should the audit strategy and plan be discussed with the audit client and why? 10. Explain why it is necessary to set a planning materiality level before conducting risk assessment procedures