This assignment is NOT a group project. Your submissions will be evaluated for similarity. Any instances of academic misconduct will be addressed accordingly Before beginning the assignment, read the entire case and the grading rubric (included at the end of this document). The final deliverables for Modules 1 and 2 should be submitted as one combined. Module 1: Cryptocurrency Risks After reading ALL of the case material, your focus in this module is the risk of material misstatement (RMM). You will... Identify risks of material misstatement related to Camden Supplier accepting Bitcoin payments and maintaining ownership for a portion held as an investment; and Identify the relevant assertions [recall there are five assertions] for each risk. This portion of the assignment should be written in a memorandum format. That is, you should provide enough information to demonstrate you understood the questions. Your target audience is your audit engagement team, who are well-versed in the basics of auditing and financial reporting but not cryptocurrency. Your memo should briefly summarize the case facts (1paragraph) then move into the findings. This memo should be at least one (1) page but should not exceed two (2) pages (exclusive of any tables, graphics, or other supporting documents you would like to include). CR 1- You must refer to AS 2110, Identifying and Assessing Risks of Material Misstatement CR 2- You must use Public Company Accounting Oversight Board Financial Statement Assertions as stated in AS 1105, Audit Evidence Existence or occurrenceAssets or liabilities of the company exist at a given date, and recorded transactions have occurred during a given period. CompletenessAll transactions and accounts that should be presented in the financial statements are so included. Valuation or allocationAsset, liability, equity, revenue, and expense components have been included in the financial statements at appropriate amounts. Rights and obligationsThe company holds or controls rights to the assets, and liabilities are obligations of the company at a given date. Presentation and disclosureThe components of the financial statements are properly classified, described, and disclosed. Module 2: Responding to Risks Identified After completing Module 1, you will now demonstrate what you have learned in this course related to the assertions, designing audit tests, and reporting your findings. You will... need memorandum to John (the audit manager on the engagement) and be sure to answer the questions that appear on pp. 49 - 50, which cover: possible modifications to audit procedures for receipts and holdings in Bitcoin as opposed to cash; the type of Systems and Organization Controls (SOC) reports that might be obtained for the Coinbase exchange; and what is required if relying on a specialist hired by the client. This memo should be at least three (3) pages but should not exceed five (5) pages (exclusive of any tables, graphics, or other supporting documents you would like to include). You do NOT need to provide a summary of the case facts in this part of the assignment. It is also a separate memo! You can insert a reference to Module 1 for case facts. Good writing is essential even in accounting and auditing! AC 1- You must consider the following accounts: cash, investments, and revenue AC 2- You must refer to AS 2601, Consideration of an Entity's Use of a Service Organization AC 3- All responses must consider AS 1105, Audit Evidence