(1) A firm or permit holder shall not undertake any engagement for the performance of professional services unless he complies with the following general standards:

(a) professional competence - A firm or permit holder shall undertake only those engagements which he or his firm can reasonably expect to complete with professional competence, including compliance where applicable, with ARM 24.201.715 and 24.201.716;

(b) due professional care - A firm or permit holder shall exercise due professional care in the performance of an engagement;

(c) planning and supervision - A firm or permit holder shall adequately plan and supervise an engagement;

(d) sufficient relevant data - A firm or permit holder shall obtain sufficient relevant data to afford a reasonable basis for conclusions or recommendations in relation to an engagement.