Prior to beginning the fieldwork on a new audit engagement in which the audit team does not possess expertise in the industry in which the client operates, the audit team should:
Multiple Choice
_(_())_(_()) reduce audit risk by lowering the preliminary levels of materiality.
_(_())_(_()) design special substantive tests to compensate for the lack of industry expertise.
_(_())_(_()) engage financial experts familar with the nature of the industry.
_(_())_(_()) obtain knowledge of matters that relate to the nature of the entity's business.
_(_())_(_())
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