Developing an Audit Strategy Based upon Analysis of Business Risks and Financial Reporting Risk The group term project is a hands-on exercise in planning a financial statement audit. The project will give you an opportunity to consider how the concepts and techniques discussed in the course apply in auditing an actual business. Your team will take on the role of the audit engagement team for Dollarama Inc., a publicly- traded Canadian dollar store retail chain. Assume that your audit firm has already conducted its client retention procedures (this is not the first year that you are auditors), independence analysis, and has determined that the members of your team are the best people for the job. Now that client retention procedures are done, your team is required to develop the client risk profile and plan the audit of Dollarama (with a focus on the revenue cycle) for its upcoming year-end. Your team is expected to provide a Planning Memo (more details on each part are provided below). Planning Memo Mark Allocation Part 1 - Assess Client Business Risk 25 Part 2 - Perform Preliminary Analytical Review Determine Audit Risk, Materiality 45 Part 3 - Audit Strategy for Revenue Cycle 30 Total