As a senior auditor at CPA LLP, you are beginning your first audit of Burnaby Ltd. for the fiscal year ended December 31, 2021. The engagement team consists of you, the engagement partner, and three junior auditors. Burnaby Ltd. is a retail firm that is publicly listed in the TSX (Toronto Stock Exchange). The company was previously audited by another public accounting firm. During the audit, the following scenarios are encountered. Please respond to the scenario below and summarize your response in a report.

An assessment of goodwill impairment is conducted by the management. The goodwill is resulted from previous mergers and acquisitions. During the impairment testing, a discounted cash flow (DCF) is estimated based on internal forecasts (developed using historical financial data) that are subject to a rigorous process and management has demonstrated an ability to accurately forecast. While largely consistent with forecasts used for other internal analysis and tracking, the forecasts used in the goodwill DCF are modified prior to being used elsewhere. Management is using a projected revenue growth rate that is consistent with industry expectations and historical results. Please analyze the risk of material misstatement with the goodwill impairment testing process and suggest appropriate audit procedures.