Question
I am an audit associate at Global Audits & Co. Your firm has just signed a contract with Sweet Treats Bakery, a local business that
I am an audit associate at Global Audits & Co. Your firm has just signed a contract with Sweet Treats Bakery, a local business that has been operating successfully for the past the year. The owner of Sweet Treats, Mr Brown, has always managed his financial matters himself. However, as the business is growing, he has decided to seek professional help: He has heard about audits and revines but is unsure which one his business needs Mr Brown schedules a meeting with you to discuss this matter. He hands over his financial statements for the past two years and tells you that he has been meticulous in keeping his recurds, but he wants to be certain everything is in order. He also mentions that he is looking to expand his business and might need to secure a loan in the near future. A. How would I explain to Mr Brown the difference between an audit and a review in simple terms that he can understand? B. Based on Mr. Brown's situation and future plans, what should i recommend an audit or a review for Sweet Treats Bakery? Explain your reasoning
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