Assignment 1: Understanding the Client and Performing Analytical Procedure In this assignment, you will prepare a two to three (2 to 3) page report that addresses the requirements specified in the cas

Assignment 1: Understanding the Client and Performing Analytical Procedure

In this assignment, you will prepare a two to three (2 to 3) page report that addresses the requirements specified in the case for Parts 1 and 2. Include your calculations as part of your analysis and fully explain the results. Also, include a minimum of two (2) current references to scholarly and/or authoritative sources.

Your report must address all of the following:

1. Address the overall understanding of the retail and wholesale industries and identified areas that impact financial reporting.
2. Analyze Cloud 9’s financial position and its business risks. Include ratios supporting the business analysis.
3. Identify areas requiring special emphasis during the audit and potential problem areas.
4. Address materiality in your response.
5. Use at least two (2) current, quality academic or authoritative sources in this assignment. Note: Wikipedia and similar websites do not qualify as quality scholarly and/or authoritative sources