Internal Control, Risk Management, Materiality in Planning Phase, and Management Override

Risk-based audit approach not only helps auditors to manage and minimize the audit risk, but also helps to reduce audit work on some levels while maintaining the audit quality. This is due to in this approach, auditors need to focus on the risky areas that could lead to misstatement only.
How does risk relate to internal control?
There is a very clear relationship between internal control and risk management. Basically, internal controls provide reasonable assurance that risks to the achievement of organizational objectives are at acceptable levels. A risk-based audit approach allows internal auditors to respond to organizational risks more timely and provide insights to management to help solve problems on a regular basis. To enhance these insights, the use of data is critical.
The importance of materiality during the planning phase of an audit is that the financial statement materiality at the financial statement levels enables auditors to determine which account balances to audit and how to evaluate the effects of misstatements in financial information as a whole.
In audit planning , the auditor should recognize that there may be more than one level of materiality relating to the financial statement. Each statement could have several different levels.
The term Management override refers to the ability of management and these charged with governance to manipulate accounting records and prepare fraudulent financial statement by overriding these controls even where the control might otherwise appear to be operating effectively. Auditors are concerned with it because management can override internal controls, resulting in fraudulent financial reporting.