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The audit engagement team should obtain an understanding of the engagement terms. This understanding involves communicating to the audit committee all of the following EXCEPT:
The audit engagement team should obtain an understanding of the engagement terms. This
understanding involves communicating to the audit committee all of the following EXCEPT:
The audit objective and its scope.
Identification of the applicable financial reporting framework for preparing the financial
statements.
The management's responsibilities.
The level of competition in the client's industry.
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