QUESTION $3(20$ Marks$)$

$3\mathrm{.}1.$ Briefly describe the activities undertaken by the auditor during the preliminary stage of the audit

process?

$(5$ marks$)$

$3\mathrm{.}2.$ Briefly describe the activities undertaken by the auditor during the planning stage of the audit process? $(5$ marks$)$

$3\mathrm{.}3.$ What are the benefits of proper planning in the audit of annual financial statements? $(5$ marks$)$

$3\mathrm{.}4.$ Describe the reasons that an audit firm may not wish to enter into a relationship with a new client? $(5$ marks$)$