Discussion 3 1) Auditors perform various tasks in planning an audit engagement. Provide an overall description of how each task is performed and explain why you consider as the most essential reason in performing these task. a. Obtain an understanding of the client's business. b. Assess audit risk and materiality for the engagement. c. Assess fraud risk. d. Assess the risk of material misstatement of assertions about financial statement accounts and classes of transactions. Discussion 3 1) Auditors perform various tasks in planning an audit engagement. Provide an overall description of how each task is performed and explain why you consider as the most essential reason in performing these task. a. Obtain an understanding of the client's business. b. Assess audit risk and materiality for the engagement. c. Assess fraud risk. d. Assess the risk of material misstatement of assertions about financial statement accounts and classes of transactions