Client Evaluation and Planning the Audit Lecture slide chapter 8 Describe the steps involved in client acceptance and continuance. State the purpose and content of an engagement letter. Explain the steps in planning an audit. Identify the risks of misstatement through understanding the entity and its environment. Explain the role of analytical procedures in audit planning. Describe the requirements to consider the risk of fraud in the audit planning process. Explain the purpose and function of audit working papers.