Question: (a) Explain why companies need internal controls. (b) Identify and explain the FIVE components of a system of internal control. (c) Identify THREE risks in

  1. (a) Explain why companies need internal controls. (b) Identify and explain the FIVE components of a system of internal control. (c) Identify THREE risks in the revenue system, and for each risk identified, identify and explain a control to mitigate the risk. (Your answer should be presented in three columns, headed risk, control and test).

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