BlueBird, CPAs - NIGA Cannabis Series
3/12/23
Common Inherent Audit Risks • Lack of Comprehensive System of Internal Controls • Inventory Variances / Actual to Perpetual System • Vault/Safe Accountability • Employee Over (Short) Variances • Quarantine (Returns) • Employee Samples • P.O.S. system reconciliation to General Ledger • P.O.S. system integration to State Seed-To-Sale System
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Common Inherent Audit Risks • Responsibility for Compliance Monitoring (internal vs. external) • Sales DISCOUNT PROGRAMS • Customer Loyalty Programs • Collection and Remittance of Excise and Sales Taxes • Vendor Licensing • Management Company Fees • Daily Revenue Audit • Performance Analytics / Competition Comparisons (if available) • Timely Reporting to Tribal Parent / Oversight
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Audit and Accounting Considerations: Tribal Marijuana Related Businesses
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