Objective: This project is designed to allow students to "experience" the audit planning process, and thereby see how it helps increase the likelihood of an effective and efficient audit. In particular, this project should help students see the importance of focusing on materiality and risk during a financial statement audit. It should also help students to gain an appreciation for the role of professional judgment in auditing. Students will be able to practice using professional judgment throughout the project. Description: Use the instructions belowalong with concepts learned in class and from the textto plan the audit of EarthWear's financial statements. EarthWear is a fictitious company whose company and financial information is available in the Project 2 Module on Canvas. The output from your work will be a multi-page memorandum summarizing your audit plan accompanied by all audit workpapers you completed