BlueBird, CPAs - NIGA Cannabis Series
3/12/23
Types of Audit Opinions
• Unmodified (a clean bill) • Qualified (with some reservation) • Adverse (financials are not presented in accordance with GAAP) • Disclaimer (unable to form an opinion)
• Going Concern or Other Significant Emphasis Notations
5
Audit and Financial Reporting Issues • Inclusion in Government-Wide Audit (Component Unit vs. Investment) • Contingencies and Emphasis of Matter Paragraphs in Audit Opinion (Potential Going-Concern) – Marijuana is Against Federal Law • Significant Disclosures (Regulatory Framework, State Compact, Excise and Sales Taxes, Banking, Related Party Transactions, etc.) • Agreed-Upon Procedures Requirements (Tax Collection and Uses) • Regulatory Compliance and Impact on Financial Statement Audit
6
Audit and Accounting Considerations: Tribal Marijuana Related Businesses
3
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