What are the top 3 risks?

The Gazebo Market at GrandValleyStateUniversity is the smallest of three Dining Services locations in the atrium of its downtown campus in Grand Rapids, Michigan, and serves pre-made sandwiches, soft drinks, packaged snacks, baked goods and smoothies. Unlike the much larger café, and the Starbucks kiosk, the Gazebo is intended for students to obtain a quick beverage or snack between classes. It is typically manned with one student worker, and occasionally a second during peak periods.

There is only one point-of-sale POS terminal in the Gazebo, and only one student worker at a time is authorized to operate it. A manager in charge of all three dining services facilities may also enter transactions in an “override” mode.

While the POS terminal has two cash drawers, at any given time only one of the students is provided a “bank” from which to make change. Management wishes to limit the cumbersome counting and balancing procedure that is required anytime that a student handling money finishes their shift.

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Internal Controls There are three main risks First control risks are risks that arise becau... View the full answer