Situation No. 2: Fundamental Principles For each of the items below, indicate through the appropriate letter principle to which the item is most closely related. A. Responsibilities principle B. Performance principle C. Reporting principle 1. Maintaining professional skepticism. 2. An indication that an opinion cannot be expressed. . Auditors, assessment of the risk of material misstatement. 4. Determining and applying an appropriate materiality level. 5. Expressing an opinion in accordance with the auditor's findings. 6. An auditors' overall conclusion of the fairness of the client's financial statements. 7. The requirement that auditors possess the skills and knowledge of others in the profession. 8. The use of an audit plan to identify audit procedures to be performed --. Accounting firm policies with respect to the level of expected continuing 10. Auditor's requests to obtain bank statements directly from financial during the engagement. professional education. institutions with whom the client does business. Define reasonable assurance. How does the audit team provide reasonable assurance in the engagement