For the case study below, please provide guidance on how to complete an audit program (focusing on Application Controls testing) using the table below:

Applications Controls Audit Program - Business Process Selected Business Process Process Objective Establish 3-5 Control Objectives Identify corresponding key risks for each identified control objective Key Technologies Key Artifacts Key personnel to interviewAn I Background Veronese Tiffany Inc. is a medium-sized business located in Elmira, Ontario. It sells designer iewelry to specialty stores through Canada as well as to individuals through its company website. Founded by close friends, Veronique Veronese and Tameka Tiffany almost 10 years ago, the company has grown rapidly and now has well-established brand recognition as well as a large following of loyal customers [direct and retail] across the country. Currently, Veronese& Tiffany Inc. products are carried in more than 2,500 boutique stores and online retailers. While Veronique focuses on sourcing material and design, Tameka spends most of her time managing the sales force, strengthening relations with retailers, and marketing to the company' s online customer base. At the same time, due to lack of expertise and inclination, the owners have not spent much time investing in accounting and information systems. Automation of processes has been slow and ad-hoc to keep pace with the company' 5 growth. Two years ago, the company hired Summer Sloan as their Chief Information Ofcer and tasked her with building an integrated information technology framework to support the business processes as well as maintaining a strong control environment. Given the state of business processes and limited resources allocated towards information technology, progress on this front has been painstakingly slow. Veronique and Tameka are also frustrated with the lack of progress or signicant benets from their investments in this endeavor. Consequently, they have engaged you to review their current process and systems to identify weaknesses and provide recommendations. The following sections describe the key people, processes, and technologies currently in place at Veronese': Tiffany Inc. Purchase Orders Processing All purchases at lll'eronese 3: Tiffany Inc. are required to be routed through the centralized procurement function. lClrganization-vrride, employees are required to fill in purchase requisitions, get it approved by their managers [purchases of 51,000 and belowl or by the respective senior management executive {purchases over 51,000}. Approved requisitions appear in a queue within the \"Procurement Management\" module of AviDnyrr every morning for the purchasing analyst to review and process further. Upon identifying all materials, parts, tools, supplies, etc. to be ordered and the purchasing analyst creates Purchase Orders {P051 and sends them to the respective vendors electronically. when ordered items are arrive at the receiving department {part of the warehouse team}, the receiving staff les the Packing Slip [attached with the items received]. The receiving staff also creates a goods receipt document in AviOnyx and changes the status of the PG from \"open" to \"closed\". Inventory levels and corresponding accounting entries are automatically updated hythe system once items are received and the status of corresponding PD is changed to \"closed\". Inventory. typically, comprises approximately 3,500 different items. The company employs a computerized batch processing system to maintain its perpetual inventory records. The system is run each weekend so that inventory reports are available on Monday morning for management use. The system has been functioning satisfactorin for the past four years, providing the company with accurate records and timely reports. When an item of inventory falls below a predetermined level, a record of the inventory items is written. This record can be used in conjunction with the supplier file to prepare the purchase orders. Exception reports are prepared during the update of the inventory and the preparation of the purchase orders. These reports list any errors or exceptions identied during the processing. In addition, the system provides for management approval of all purchase orders exceeding a specied amount. Any exceptions or items requiring management approval are handled by supplemental runs on Monday morning and are combined with the weekend results. Once the Accounts Payable {AP} department receives a vendor invoice, the AP analyst reconciles it with the corresponding "closed\" PE} and goods receipt document. The AP analyst will issue a cash disbursement order for the appropriate amount. On a daily basis, all cash disbursement orders are automatically converted to the payment instructions by AviOnyx and sent to the Bank for releasing the funds to the vendors. Due to a large number ofvoided cash disbursement orders caused by errors andfor rejections. the cash disbursement orders are not prenumbered by the system; rather, the AP analyst numbers them after each cash disbursement order is processed. The system keeps a log of all cash disbursement orders. so that the same number is not assigned to more than one cash disbursement order. On a weekly basis, the AP analyst posts journal entries to update AP and Cash balances based on approved and numbered cash disbursement orders