Describe any business process, its objective(s) and the general flow of paperwork/decisions. For example, the objective of the Purchasing process is to buy the right item at the right time for the right prices. The flow would involve a requisitioning department sending a request to Purchasing for a particular product, and Purchasing would select the right vendor, etc.

2. Discuss the most significant risk (or more if you want) in the above process and what are some the key controls that will help to mitigate this risk(s) to an adequate level.

  

B. It's been said that "internal controls" in a company are like the brakes in a car. Do you agree with this statement? Please provide your reasoning and arguments on why this is a good or poor analogy.