TRUE OR FALSE 1. Audit effectiveness is the primary objective of the auditor in engagement planning which results to the utilization of least amount of resources. 2. Audit planning helps the auditor properly organize and manage the audit engagement. 3. For recurring audits, members of the previous year's engagement team are advised to participate in the planning if the current year audit. 4. Audit planning helps in achieving effective and efficient audits which must be completed before the performance of further audit procedures. 5. The audit plan sets the scope, timing and direction of the audit which leads to the establishment of the overall audit strategy. 6. Risk assessment procedures enable the auditor to understand the entity and its environment and identify and assess risks if material misstatement. 7. Risk assesdment procedures help in specifically identifying the applicable further audit procedures to respond ti identified risks. 8. Inquiry consists of seeking both financial and non-financial information from knowledgeable persons within the entity 9. Observation consists of looking at a process or audit procedure. 10. Physical verification of the entity's premises and plant facilities is considered an inspection procedure