12 Question 1 - Audit Risk 4. 12 Marks The following list of internal control deficiencies were found at a small not for profit business. For each deficiency specify the specific fraud risk andimplement one internal control that could prevent or mitigate the specific fraud risk. 1. The individual collecting cash also reconciles the bank account 2. The person who approves cash disbursements has access to the receiving report 3. There is no locked security or security cameras over inventory held in a warehouse. The warehouse manager assumes responsibility for the items. 4. Expense reimbursements for the CEO and CFO are only approved by themselves. Fraud Risk Preventative Control