A risk is defined as the possibility that an event will occur, which will negatively impact an organization's achievement of objectives. There are many forms of risk in an organization, including IT risk, financial risk, operational risk, network security risk, and personnel risk. Controls are defined by the SEC as: "...a specific set of policies, procedures, and activities designed to meet an objective. Controls within a process may consist of financial reporting controls and operational controls (that is, those designed to achieve operational objectives). Controls have unique characteristics for example, they can be: automated or manual; reconciliations; segregation of duties; review and approval authorizations; safeguarding and accountability of assets; preventing or detecting error or fraud.

A. Based on the Narrative Property/Ownership Setup & Maintenance - What are the key objectives, risks and controls for land acquisition and property set up in an accounting systems?

B. Prepare a flow chart for the Property/Ownership Setup & Maintenance identify the key processes, risks and controls for land acquisition.