Adequate planning benefits the audit of financial statements in several ways. Explain.

(a) Adequate planning benefits the audit of financial statements in several ways, including the following: (a) Helping the auditor to devote appropriate attention to important areas of the audit. (b) Helping the auditor identify and resolve potential problems on a timely basis. (c) Helping the auditor properly organize and manage the audit engagement so that it is performed in an effective and efficient manner. (d) Assisting in the selection of engagement team members with appropriate levels of capabilities and competence to respond to anticipated risks, and the proper assignment of work to them. (e) Facilitating the direction and supervision of engagement team members and the review of their work. (f) Assisting, where applicable, in coordination of work done by auditors of components and experts.