ICE Step 4b. Using the Control Risk Assessment worksheet tab, record the risk category you believe is appropriate given your documentation of the accounting processes and controls. Make a preliminary CRA on the cash receipts stream. The Sales stream is done, but review it and change it if you wish. Your CRA will include the management assertions Existence/Ocurrence, Completeness, Valuation-Gross, combined into a management assertion group. Finally, write a paragraph in a word document for each stream (one paragraph for each stream) explaining the reasons you chose the CRA levels for each stream. Base your CRA levels on your understanding of the IC structure as documented by: The accounting processes (Designed well to mitigate introduction of errors into accounting system) b. The control procedures and management assertions covered by each control (overall coverage) C. The key controls that are in place (# of key controls in each stream) d. The Missing key controls Separation of Duties Hand in Part I "Actual" Ownco documentation by uploading your excel and word files to the assignment in the course Online system. Save the file with an A and you're your last name and first initial. (The A stands for Actual.") Make sure your name is in the worksheet somewhere as the preparer. Objective: Part II Ideal: Take an approach as if you were a consultant for improving the internal control structure of Ownco, Inc. Document a situation in which the controls would provide an "ideal" set of controls given the limitations of a small company. Using The documentation files from part I, update your set of controls to a set of controls that would be ideal. That is provide for an ideal set of controls that would support "Limited or Low" control risk assessment without hiring new staff. Save the old "actual file as a new file with an I and your last name and first initial (The I stands for "Ideal.") Make sure your name is in the worksheet somewhere as the preparer. Then also include a document that outlines how to improve segregation of duties including separation of: Authorization of Transactions Recording Transactions Custody of Assets Person performing control does not perform process