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Q1: The following are various activities an auditor does during audit planning. 1. Determine the...

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Accounting

Q1: The following are various activities an auditor does during audit planning.

1. Determine the likely users of the financial statements.

2. Tour the clients plant and offices.

3. Compare key ratios for the company to those for industry competitors.

4. Review managements risk management controls and procedures.

5. Review accounting principles unique to the clients industry.

For each procedure, indicate which of the first four parts of audit planning the procedure primarily relates to: (a) accept client and perform initial audit planning; (b) understand the clients business and industry; (c) assess client business risk; (d) perform preliminary analytical procedures.

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