DO NOT COPY PASTE, NEED Plagiarism confirmation as well.

As part of the audit, we discuss the various internal processes that make the business function, with various different members of staff at the client (both finance and non- finance staff). What risks could you see with the below processes? Why is it a risk for the company? What controls could be put in place to help mitigate these risks? Stock process: CarCo have a lot of expensive car stock which is stored in various warehouses/outdoor car lots. This stock in the UK is overseen by James Brown and his team of staff across the UK located at various sites. On some days, the stock staff forget to lock the gates of the car lots but aren't concerned as they do not think they have ever been stolen from before and believe themselves to be in safe areas of the UK. Payroll: Payroll (the processing and payment of staff wages) is ran by Sheila Dunn, she has access to the payroll system, but she does not have a password on the work laptop she uses. There are a lot of other office staff based in the same open-plan office as Sheila. Employee personnel files are kept in unlocked filing cabinets near Sheila's desk. Financial reporting information: Mark Foster is the financial accountant for the company. He is responsible for pulling together financial information on the company for the management team to analyse. He prepares this on a monthly basis and sometimes this is reviewed by Sarah Lodge (the financial director) but often she is too busy, so the information is submitted without review