t

hree stages involved in a financial statement audit include: $(1)$ Plan the audit, $(2)$ Obtain an understanding of the client and its environment and $(3)$ Assess the risks of misstatement and design further audit procedures. Ordinarily the sequence in which these steps occur is:

Multiple Choice

$(3),(1),(2)$

$(2),(3),(1)$

$(3),(2),(1)$

$(1),(2),(3)$