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Identify how each of the following statements relates to the performance principle by considering which element(s) of the principle are related to that statement. (A statement may be related to more than one element.) Use the following elements in providing your response: I have the principle all correct but it states that a statement may be related to more than one. I need to know which ones are related to more than one.

• Reasonable assurance
• Planning and supervision
• Materiality
• Risk assessment
• Audit evidence

a.Evaluating the effectiveness of the clients internal control in preventing or detecting misstatements. Risk assessment

b.Obtaining an understanding of the clients business and industry. Planning and supervision

c.Acknowledging that the risk of failing to detect a material misstatement cannot be reduced to zero. Reasonable assuranced.

Obtaining confirmations from the clients customers as to the ending balances in accounts receivable. Audit evidencee.

Preparing a written audit plan. Planning and supervision

f.Designing audit procedures to identify misstatements that would have a significant effect on financial statement users decisions. Audit evidence

g.Considering the likelihood that the account balance contains a material misstatement. Materiality

h.Failing to detect material misstatements because of audit team mistakes and misinterpretations in evaluating evidence. Reasonable assurance

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