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Determine overall planning materiality

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Question - Audit Planning project. Please answer the following questions regarding OverStock website

Preparing a Broad Audit Plan:

1. What material types of transactions and transaction cycles are involved in OverStock.com?

2. What are the high risk areas?

3. What are the low risk areas?

4. Assess Inherent and Control Risk. Set Audit Risk and determine Detection Risk.

5. Determine overall planning materiality.

6. What are areas of audit concern?

7. How will the audit effort be allocated among geographical areas?

8. How will the audit effort be allocated among financial statement areas?

Reference no: EM132020759

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