Identify and describe the $8$ major steps in planning an audit. Be sure to give examples of what each step would normally require the auditor to do in regards to the specific steps.

$2.$ What is the purpose of a client representation letter? What are the key elements normally included in the letter?

$3.$ Why is identifying a potential loss contingency so important to the auditor? How can an auditor determine if one exists beyond what is reported in the financial statements or note disclosures?