ACC 645 Milestone Two Guidelines and Rubric For the final project, you will work through components of a case study in which you will assume the role of a lead auditor at Willis & Adams. Your een approached by EarthWear Clothiers to perform an audit. In your role as lead auditor, you will perform management duties. You will evaluate d external factors to determine client engagement, develop an audit plan, determine recommendations for improving internal controls, and ate the audit opinion. For this milestone, you will develop the audit plan. our organization has decided to move forward with the audit of EarthWear Clothiers. As lead auditor, you will select one of EarthWear Clothiers' bjectives and create an audit plan of their financial statements. The business objectives are: pand further into the global market by launching internet sites into South American countries rease customer base by introducing a new extreme sports product line to attract younger consumers duce pricing to be more competitive in the marketplace by seeking out additional vendor relationships to lower costs of goods sold plement an employee stock purchase plan to increase productivity and employee morale duce delivery and distribution time of products and services by adding additional warehouse locations ormation from your preliminary review and auditing standards to support your plan. Using your selected business objective, create an audit plan of the on's financial statements that addresses the following: business risks, management assertions, audit risk, internal controls, and the effect on audit Support your plan with the appropriate auditing standards. Also, determine materiality by conducting a preliminary risk assessment, and explain ors were used in making this determination. You can obtain the ICFR and materiality guidelines on the Willis & Adams website. (Clicking the link initiates tic download of a ZIP file. You will need a utility to unzip the archive before you can use it as intended.) the following critical elements must be addressed: ing the Audit: Select one of the organization's business objectives and create an audit plan of the organization's financial statements. Use the nation from your preliminary review and auditing standards to support your plan. A. Using your selected business objective, create an audit plan of the organization's financial statements that addresses the following, and support each with the appropriate auditing standards: 1. Business risks 2. Management assertions 3. Audit risk 4. Internal controls 5. Effect on audit procedures