Assume you were just assigned as lead auditor for a new e-commerce client. This is your client's first year in business.

Identify general business strategies that might explain your client's decision to enter the e-commerce space with the likes of giants such as Amazon.

Considering these strategies, identify potential business risks that can lead to material misstatements in your client's financial statements. Include new start-up and e-commerce risks.

What are some other things your team will need to consider during the planning phase for this audit?