BlueBird, CPAs - NIGA Cannabis Series
3/12/23
Common Dispensary Audit Procedures • Internal Control Cycle Assessments (Cash on Hand, Banking, Inventory, Tax Collection and Remittance, Procurement/Purchasing, Payroll, Etc.) • Currency and Inventory Counts • Key Employee Compensation and Management Fee Calculations • Reconciliation of P.O.S. Reports to Financial Statements • Review of Manual Journal Entries and Variances (Inventory, Cash, Sales) • Validation of existence of assets, right of ownership, valuation, completeness and cut-off of liabilities • Vouching expenses and tracing of revenues and tax collections • Confirmation with related parties, financial institutions, tribal government, and attorneys
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Annual Audit Reporting Package • Auditor’s Report • Management’s Discussion and Analysis (if included) • Balance Sheet or Statement of Net Position • Statement of Revenues, Expenses, and Changes in Net Position • Statement of Cash Flows • Notes to the Financial Statements • Supplementary Information (if included)
• Separately Issued Communication Letters (Control Deficiencies and Other)
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Audit and Accounting Considerations: Tribal Marijuana Related Businesses
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