Question: II - The following are internal control weaknesses found in the purchases and payment process of your auditee, Medical Equipment, Inc.: Control Weakness 1 The

II - The following are internal control weaknesses found in the purchases and payment process of your auditee, Medical Equipment, Inc.: Control Weakness 1 The purchasing clerk does not verify that the purchase requisitions (PR) are authorized by an appropriate person in the operating department but only checks that there is a signature on the document. Control Weakness 2 Access to the warehouse is not controlled and anyone can enter and leave at any time. 1 Auditing II (ACCT 3003 001), CRN: 83357-202103 Graded Assignment - Due Tuesday, August 2, 2022, 11:59 p.m. Control Weakness 3 The receiver does not match the bill of lading (BL) to an authorized purchase order (PO). Required: For each control weakness: a. Describe the control risk that exist because of the weakness - what could go wrong? b. Explain whether a monetary financial statement misstatement could result because of the weakness, and, if so, what it would be. c. Describe in detail the impact the weakness would have on your other audit procedures

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