This report provides an overview of the auditing process, materiality in financial statements, and audit risk assessment. It focuses on the case of Konekt Limited, an Australian company in the organizational health and risk management industry. The report discusses the qualitative and quantitative aspects of materiality, planning materiality, and the risk assessment procedure followed by auditors. Subject: Auditing, Course Code: AUD101, Course Name: Auditing and Assurance Services, College/University: Not mentioned