Question

1. Review accounting principles unique to the client's industry 2. Determine the likely users of the financial statements 3. Evaluate the appropriate financial statement measures for determining amounts likely to be considered material by users of the financial statements 4. Identify whether any specialists are required for the engagement 5. Send an engagement letter to the client

Answer 1

Follows are the solution to the given point:

Step-by-step explanation:

• In point 1, the answer is to understand the company and industry consumers.
• In point 2, the answer is it allows consumers and execute the originally scheduled audit.
• In point 3, the answer is it sets sample representative on materiality or materiality in results.
• In point 4, the answer is it consider consumers and execute the originally scheduled review.
• In point 5, the answer is it allows customers and execute the originally scheduled audit.