Here$$s Part $1$ of your first task

This task $($as with all elements of the audit$)$ ties to our ultimate aim of reporting on the entity$$s financial statements. By the end of the audit, we need to conclude whether the financial statements are free from material misstatement. On recurring audits, as FoodCo is$,$ one area of focus is what has changed in the business model from the prior year $($or the lack of expected changes$),$ because these are relevant events and conditions that may give rise to risks of material misstatement in the current period financial statements.$$

As part of this $$understanding the business$$ stage of the audit $($i$.$e$.,$ prior to setting materiality$),$ your task is to research FoodCo's industry to identify any factors that could have an impact on our audit risk assessment.

You will be provided with articles that have been sourced through our audit platform, which leverages AI and other advanced technologies to support our audits. The articles are based on company names and similar audits in the hospitality industry $($some of which will be relevant and others not$).$

The aim of this exercise is to review these articles and determine:$$

How relevant they are

What findings should be taken back to discuss with your senior, prior to a planning meeting with the team

At the team planning meeting $($and again after the work on identifying significant accounts has been performed, which you will be involved with in the next task$),$ the team will discuss these findings and other external and internal relevant events and conditions. They will also determine whether any of the findings affect the susceptibility of a particular account or assertion to misstatement before determining whether that presents a risk of a material misstatement.

Please complete the provided worksheet and submit it below before moving on to the next step.