ISAs 300 to 320 provide guidance on planning an audit of financial statements to ensure that the audit can be performed in an effective manner. You are the manager responsible for the audit of Radford Retail which has a number of stores selling household products to the general public, including furniture, electrical equipment, cooking equipment and carpets. The company has an annual sales revenue of about $20 million. In previous years audits there have been problems with: misappropriation of inventory by employees and customers slow moving and damaged inventory which is worth less than cost incomplete recording of sales when the customer pays in cash (these represent 55 per cent of all sales). The company has a small internal audit department, the staff of which visit branches and perform appropriate audit work at the head office. Required Describe the work you will carry out and the matters you will consider in planning the audit prior to the commencement of the detailed work, including consideration of the timetable for the audit