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Identifying risks in the Cannabis Industry
The project will be the creation of an audit plan. Auditing is a valuable skill in accounting and business. Accountants are required to make professional judgments on the financial accounting issues within their organization. The auditor must provide fair, unbiased, and materially correct information for various stakeholders. We have covered many of the audit planning processes during class, and for this assignment, you will apply these concepts to a company operating in a specific and evolving industry. In this assignment, you will demonstrate your mastery of the following course outcomes. Create an audit planning memo that documents: Business Risks Learning Objectives The business and economic environmental risks of material misstatement due to: External business factors. Nature of the client (operations and organizational structure). Business risks related to Andie’s stated objectives and strategies. Managements financial performance measures. Factors that affect Andie’s control risk. Emerging Growth Company financial reporting risks. Foreign operation risks. Financial Reporting Quality Assessment Financial performance and measurement (KPI) risks. Calculate materiality and explain the level of planning materiality you plan to use for 20X3. Calculate analytical procedures including ratio analysis, and common-size financial statements. Identify accounts with increased risk of material misstatement. Assignment MUST be submitted in a Word document (.doc or .docx).