1. There are three primary reasons for obtaining a thorough understanding of the client's industry and external environment. What are these reasons? 2. There are three main reasons why an auditor should properly plan audit engagements. Discuss each of these reasons. 3. Define the term "related party" and discuss why an auditor should identify the client's related parties early in the audit. 4. Discuss several reasons why an auditor may not wish to continue a relationship with an existing audit client