Kindly need help answering the case

CASE STUDY Assume that you are a team of iT Auditors working in an audit firm. You have been assigned to work together with one of your firm's Financial Audit teams to audit the Financial Statements of DustProof Corporation {UPC}, a distributor ofa wide selection of vacuum cleaners. DPC uses an accounting system called Osiris Financials to process accounting transactions including the recording of payments whether cash or check. This accounting system was implemented on January lst ofthe calendaryear. BACKGROUND pt. 2 As part of your walkthrough procedures, you visited Ms. Megan Velasco, the Accountant of DPC at the 3rd floor of their building. Ms. Velasco claims that internal controls are properly in place. Forms such as check vouchers [for check disbursements} and request for payment {RFPsJ inspected and reviewed prior to processing any payment in the system. Per Company policy, cash payments can only be made up to a maximum of P 10,000. Above such amount, payments will be coursed through checks which will require two {2} signatories, the CEO and Head of Treasury. RFF's need to be signed by both the Head of the Requesting Department and Head of Treasury. BACKGROUND pt. 3 Ms. Uelasco showed you how payments are done through the system. You noticed that mandatory eld controls; validation checks and formatting checks are in place. Ms. Velasco also showed how transactions recorded are automatically pre numbered by the system to ensure completeness. when you asked Ms. Velasco how she makes sure that encoded data are accurate, she showed you that before she posts a transaction in the system, she makes sure to park them first so that she can double check all the details and match the info against the respective supporting documents. BACKGROUND pt. 4 Then, you head to the basement of the building to visit Mr. Carl Patrick Mangubat; the ST Manager of the Company. Prior to entering the room, personnel would need to tap on the door using an access card and use a biometric device for authentication purposes. According to Mr. Mangubat, only authorized personnel such as himself and the CEO have been registered to the biometric systema and only the two ofthem have copies ofthe access cards. He further expounds that their network is secure considering they have a rewall and an intrusion prevention system with up todate patches. YOUR TASKS Prepare a report using the template provided and answer the questions below: 1. Based on the info collected, what is your assessment of control risk? Why? [10 pts] 2. Identify three (3) issues with the Company's control activities or lack thereof. [10 pts per issue] 3. BONUS - The financial audit team shared with you the RFP file obtained from DPC. Do you think there is a red flag for fictitious or unauthorized transactions? Explain. [10 pts]