Week 2 DQsWeek 2 DQ1What is the purpose of engagement planning? What critical in

Week 2 DQsWeek 2 DQ1What is the purpose of engagement planning? What critical information should the auditor consider during engagement planning? How will this information affect the scope of the audit?Week 2 DQ2Can materiality be quantified? If so how? What are the three steps of applying materiality to an audit What factors should be considered when allocating materiality to an account balance?Week 2 DQ3What type of industry knowledge must an auditor possess to accurately assess a client s business risk? What is a value chain analysis? How does this analysis apply to assessing a client s business risk?