manner." ISA 300 - Planning an audit of financial statements. 1. What stage of the audit process comes before planning? 2. What stages of the audit process come after planning? 3. Define the term "preconditions for an audit". 4. Indicate the stage of the audit to which the preconditions of an audit are most relevant. Explain. 5. When conducting planning activities, the auditor establishes the overall audit strategy; broadly describe the matters to which the auditor will give attention in establishing the audit strategy. 6. What is an audit programme and when is it compiled? 7. What is the relationship between audit planning and audit risk? 8. What is a significant risk, and when are significant risks, if any, identified? 103 9. When conducting planning activities the auditor must determine the nature, timing and extent of ..... 10. When conducting risk assessment procedures, the auditor's objective is primarily aimed at identifying the risks of material misstatement at financial statement level. True or false? Justify. 5.3 (22 marks 26 minutes) When conducting an audit, the entire audit process can be broken down into distinct but interlinked stages which are described as follows: 1. Preliminary engagement activities 2. Planning 3. Responding to assessed risks 4. Concluding