Slater, CPA, is planning the audit engagement of Nicole Industries. An understanding needs to be established regarding Slater's and Nicole's responsibilities. For each of the items in the list below, identify the responsible party from the list provided: Managment is responsible, Auditor is responsible, both are responsible, or neither is responsible

1. Preperation of financial statements

2. Obtaining an understanding of internal control

3. Following generally accepted auditing standards

4. Following generally accepted accouting principles

5. Detection of immaterial errors

6. Establishment of internal control

7. Provision of representation letter

8. Establishing the timing of the audit

9. Compliance with laws and regulations

10. Coordinating client assistance