Choose the five elements that are part of a strategic understanding of the client's business and then choose the explanation that best explains each element.

Business Operations and Processes Client Objectives and Strategies Communications of Procedures Identifying Potential Risks Industry and External Environment Management and Governance Measurement and Performance Performance Evaluations Considers factors such as key customers and suppliers, sources of financing, and manufacturing operations. Encompasses the organizational structure and the activities of the board of directors and audit committee. Perform preliminary analytical procedures. Understand internal control and assess risk. Understand key performance indicators used by management to assess progress toward its objectives. Understand risks and accounting requirements unique to the client's industry. Understand the client and investigate to ascertain the integrity of the client and the possibility of fraud. Understand the client's strategic plan and objectives related to financial reporting, effectiveness and efficiency of operations, and compliance with laws anc