Procurement cycle.

High level process steps/description (excluding payroll): 1. Place order 2. Receive goods or services 3. Ensure what is received is what was ordered and at price ordered 4. Record in books 5. Make payment Please answer the following: 1. Identify typical inherent risks (What Could Go Wrongs) in this cycle - 4 Points (List at least 3) a. Note: This includes procurement of goods, services and payroll 2. List one or more controls you would implement to mitigate the risks identified above - 3 Points (List at least 3) 3. List how you would test those controls - 3 Points (List at least 3) High level process steps/description (excluding payroll): 1. Place order 2. Receive goods or services 3. Ensure what is received is what was ordered and at price ordered 4. Record in books 5. Make payment Please answer the following: 1. Identify typical inherent risks (What Could Go Wrongs) in this cycle - 4 Points (List at least 3) a. Note: This includes procurement of goods, services and payroll 2. List one or more controls you would implement to mitigate the risks identified above - 3 Points (List at least 3) 3. List how you would test those controls - 3 Points (List at least 3)