Auditing

QUESTION 2 Good Day Caf (GDC) is a public company that operates coffee shops with locations across North America. GDC was founded in 2006 by Jeff Good. His daughter, Jane, recently took over the company after getting her Commerce degree and working for her dad for a few years. Jane wants to prove to her father that he made the right decision handing the company over to her. Due to COVID-19, GDC lost significant revenue and has been unable to pay some of their employees and suppliers. Jane has told she is worried, because the bank has told Jane they are unlikely to renew a significant loan coming due immediately following year end. Required: 1. Provide two procedures to address your concerns based on the above situation. Use the three part approach as noted in class (what/why/how) 2. Discuss briefly how the audit report may be impacted by this situation