Select a company where you have worked part-time or an organization in which you have some acquaintance (relative or friend) and therefore have access. Choose one area of operations (cash receipts, sales, ship- ping, receiving, or payroll) for review. For the area selected:
a. Identify the major transactions processed.

b. Select a representative transaction and perform a walk through of the transaction to gain an understanding of how the transaction is processed and the controls implemented to mitigate the risks to reliable financial reporting.

c. Document the important controls and the risks they were intended to mitigate.

d. Identify additional controls you would recommend to improve the organization’s internal controls.