Respond to these following questions and explain.

• Assess why auditors spend so much time planning an audit. Why would auditors use a risk-based approach when planning an audit? How does risk relate to internal controls?
• Explain the importance of materiality during the planning phase of an audit. Describe steps that auditors take to address fraud risk during the planning phase of the audit.
• Summarize management override, and why auditors are concerned with it.