Greenbloom Garden Centres is a large public company whose shares trade on the TSX. The Greenbloom family owns 51% of the companys shares, and the remainder are widely held. Greenbloom operates in all provinces across Canada with retail outlets in major centers in each province. The Company has no debt.

Required

Explain whether or not an audit is required for Greenbloom Garden Centers.

Discuss how information risk may differ for an audit of a public company vs. that of an audit of a private company.