(1) A firm, permit holder, or practice privilege holder shall not undertake any engagement for the performance of professional services, unless the following general standards are met:

(a) a firm, permit holder, or practice privilege holder shall undertake only those engagements which the firm, permit holder, or practice privilege holder can reasonably expect to complete with professional competence, including compliance where applicable, with ARM 24.201.718;

(b) a firm, permit holder, or practice privilege holder shall adequately plan and supervise an engagement; and

(c) a firm, permit holder, or practice privilege holder shall obtain sufficient relevant data to afford a reasonable basis for conclusions or recommendations in relation to an engagement.