What may be the possible sources of obtaining information in respect ofclients business for the purpose of preparation of an audit plan?

2. What is a planning memorandum and what information should it contain?

3. Describe the audit risks and explain the auditors response to each risk in planning the audit of LULU Ltd

4. Discussthe following audit approaches.

(i) Balance sheet audit approach (ii) Audit risk approaches (iii)Business risk approach.

5. Under what circumstances the auditor should not accept an auditengagement?

6. Enumerate some contents of the audit engagement letter.