ISA $315$: Identifying and assessing risks of material misstatement throughunderstanding the entity and its environment, requires auditors to assess the risks ofmaterial misstatement of the financial statements whether due to fraud or error, throughobtaining an understanding of the entity and its environment, including internal controls, inorder to be able to design and perform further audit procedures.

Required:

Discuss FOUR $(4)$ procedures that should be carried out to obtain an understanding of anentity in the conduct of a first time audi