Georgian Dawn case .. determine if the audit work done thus far is sufficient. Develop additional audit procedures in the format:risk , assertion , procedure. Write a management letter to those charged with governance on the weakness in the internal controls. Use the format; weakness, implication and recommendations ( WIR format)

(80 minutes) Georgian Dawn (GD) is a medium-sized, private manufacturing company located near Owen Sound, Ontario. GD has a August 31 year-end. The Chief Financial Officer (CFO) believed GD had outgrown its audit firm and asked your firm, Collingwood and Co. (C&C), to perform the annual audit. It is now October 2, 2021. C&C performed the necessary client acceptance procedures and is currently working on the year-end audit of GD. However, the senior on the engagement has recently become ill and will be unable to complete the file. You, CPA, have been asked to take over the senior role on the audit. The following information has been provided to help you familiarize yourself with the client: information on GD (Exhibit I), a draft income statement prepared by management in accordance with Canadian Generally Accepted Accounting Principles (GAAP) (Exhibit II), notes from your firm's meetings with management and the Board Chair (Exhibit Ill), and excerpts from the current year audit file (Exhibit IV). The following week, the audit partner on the file calls you into his office, "Now that you've had the audit file for a week, can you let me know what issues you've identified and what is left to be done, including a list of outstanding audit procedures. In addition, the Board Chair is curious to see what our management letter is likely to contain, so please prepare a first draft for me." EXHIBIT | INFORMATION ON GEORGIAN DAWN GD manufactures portable heating and drying units. The units include heat exchangers that heat and circulate dry air, making them useful on construction sites. The technology was invented by Darius Mann, the current Chief Executive Officer (CEO). GD holds a number of patents and is protective of its proprietary technology. Seed capital was provided from the sale of shares to Darius's friends, family members, and employees, as well as through bank financing. As the company grew, Darius recognized the need for a CFO, particularly since he is more involved with research