Final answer:
Identifying significant risks is not a part of the preliminary engagement activities; it occurs in advanced stages when more information about the entity has been collected for an engagement.
The answer is C. Identifying significant risks.
Step-by-step explanation:
The preliminary engagement activities include several key tasks that are essential for the proper planning and execution of an audit or other engagement. The activities typically encompass tasks such as evaluating independence requirements, communicating engagement terms, and identifying significant risks.
Instead, identifying significant risks is part of the more advanced stages of an engagement, where the auditor or professional has already gathered substantial information about the entity being engaged and is planning the specifics of how the engagement will be carried out in light of those risks.
However, the option that does not belong in the list of preliminary engagement activities is c) Identifying significant risks.