Individual Case: Its Time to High$-$Tech!Smart$-$Tech Incorporation is a small electronic retail business in Langley, BC$,$ which caters totech$-$savvy consumers seeking the latest gadgets and cutting$-$edge technology. Smart$-$Tech Inc.provides a seamless shopping experience, offering a wide range of electronic products,accessories, and solutions to meet the diverse needs of the customers.Smart$-$Tech Inc. is privately owned by one shareholder, Ms$.$ Emily Howland. She relocated fromColumbia to Langley in $2018$ and incorporated the business in $2020.$ Currently, she doesnt havea full$-$time bookkeeper, and she manages her books as a graduate in accounting. She feels she cansave money by taking care of her books alone.Upon introspection, she is not happy with how her business is performing and wants an expert $,$yourself, to conduct some financial analysis to identify the area of concern so that she can fill thegaps and improve the performance & efficiency of the operations.Thus, she expects you to confirm that the financials she prepared are free from errors $($Financialdata for the past three years is provided under Annexure I$).$ Furthermore, an economic analysiswill be conducted, including various ratios, establishing trends, and highlighting areas of concernwith relevant recommendations.In addition to the financial data, upon understanding the internal controls, she providedyou with the following process:Inventory Management: The same individual is responsible for receiving inventory, updatinginventory records, and conducting physical counts.Cash Handling Procedures: Cashiers can access cash registers without oversight; a secondemployee is not required to verify cash transactions.Financial Reporting Processes: There is no formal process for reconciling financial dataFinally, Emily has befriended a local Musqueam woman, Cassie, who runs a tech developmentbusiness, named Stalew, to honor the Fraser River. Stalew develops a state$-$of$-$art inventory$-$management robot which can scoot around the store and fill orders by itself. It would replace thelabor of an employee $($currently $25\%$ of the operating expenses$)$ and boost annual sales by $5\%$due to its appeal to shoppers. Emily has expressed interest in honoring the Musqueamcommunity by having her robot painted in a traditional design by the Stalew corporation. All in$,$the robot would cost $$100,000$ and function for five years with no salvage value. Emily wants acomprehensive analysis on this asset$-$acquisition decision including financial re