An Audit is a project that requires a sequence of decisions and actions. Rank the decisions as \#1 for the earliest and \#5 as toward the later end. Financial analysis is performed to assess the risk of material misstatement. An engagement letter is issued indicating the contract between the auditor and the client organization. This letter spells out the auditors' and the clients' responsibilities, fees, and timing of the proposed audit. Communication with the prior auditor occurs. The audit firm determines that it can meet the professional responsibilities for independence and competency. The auditors improve their understanding of the organization's strategy for revenue or income and the environment in which the organization operates sufficient to create expectations of results. The responsibility of the audit firm is to communicate to users: 1) Its opinion on whether the company's financial statements are free from error. 2) The names of all individuals involved with the audit. 3) Its opinion on whether the company's financial statements fairly present the company's economic events. 4) The results of the operations of the company during the period. In a corporate environment: 1) The audit committee is part of the management team. 2) Stockholders own the company and directly hire the management team. 3) The shareholders own the company and elect the board the directors. 4) Board of directors delegates the responsibility to oversee shareholder interest to the management team