Audit Risk Analysis: GoPro, Inc. A brief description of GoPro, Inc

    Audit Risk Analysis: Go Pro, Inc Name Institution Date   Memorandum TO: FROM: DATE: SUBJECT: Audit Risk Analysis: Go Pro, Inc

1. A brief description of GoPro, Inc 

GoPro is action video camera Company, which has become more popular with the growth in social media. The slowdown in the digital camera market and growth in smartphone usage has meant that there is less need for owning separate camera devices. A GoPro camera may be mounted on different services to capture and the recording including the self-portraits, and the company mainly has digital camera products with different specifications. GoPro also sells camera accessories, including various devices, which can capture video. The company was started in 2002 as Woodman Labs, and in 2011, the company started producing cameras and wearable accessories allowing technology applications, cloud connection, video editing and virtual reality (Reuters, 2018).
2. A clear statement that GoPro, Inc. should be accepted The primary responsibility for the prevention and detection of fraud and error rests with responsible for the control of the entity and the management. The command structure is formal, and roles of the managers well defined, while there are independent directors and members of the audit committee with experience in other companies and industries (McMahon et al., 2016).  A review of accounting statements of GoPro will be based on the information available and even the previous year financial records.  There is assurance that all the peculiarities of your business will be explained to the auditors and accepting this assignment and this will influence the auditors’ view on whether to may not accept the assignment and audit work.  For the reasons given below, I recommend that we accept GoPro, Inc. as an audit client.             The company’s internal control system implemented was previously established to be sufficient and inadequate for the application and timely detection of irregularities.  The audit will further seek to establish that there has been verification and adjustments of internal control processes. The management has affirmed the effectiveness of the entity's internal control, in all its aspects significant, in accordance with the established accounting rules, regulations, and standards. There are low levels of control risks, as procedures are carried and implemented to develop the organization's processes. GoPro has provided the relevant, accounting and information adequate to assess the level of risk. 3. Brief introductory statement describing GoPro, Inc GoPro camera maker is based in San Mateo, CA, and has used social media marketing to popularize wearable cameras and drone cameras that can also capture and send high quality images from the cameras (GoPro, 2018).  Increasingly, the company has improved high-definition video transmission features where transmitters are mounted or worn and videos sent to specific including live TV events.   When GoPro was first created in 2002, the cameras and camera accessories were most popular in ext...