question ^ and some examples of the risks v

Required: 1. Describe the risks associated with the system depicted in the flowchart below. 2. Describe the physical controls needed to mitigate each risk. Purchases Department Recening Department Central Computer facility Account Payable Department Warehouse Packing Vendor Slip PO Invoice Rec Regint Identity Items and Select Vendor Prepare Receiving Report Accounting Spaten Packing Slip Reconcile documents and set up Liability Reconcile and Update Inventory Rec Reprt PO TRENDY Records Rec Repet Rec Regrt PO Invoice . ICONE Payable PO Recept Vendor Unauthorized inventory pur chases Transaction Autho rization-formal purchase requis tion Automated purchase ap proval Independent verification--Re ceiving department reconciles receipt with the PO Receiving in correct Items Scanner tech- nology Supervision in Receiving Depart ment Transactions thorization-AP department autho rizes cash disburse ments to make pay ment Input data edits Accounting Error Mes Inaccurate records--audit trail sages record keeping als accounts and documents.jour Automated files posting to ac counts Independent verification File backup ventory control accounts payable. cash disburse ments, and GL Misappropria tion of Cash and inventory Supervision- receiving depart ment Automated Independent three-way match verification--three way match Multilevel Segregation of Security to duties-cash dis provide segre bursements GLA ation of du ties function ware house, inventory records Unauthorized access to data Access control Password source documents, control journals, ledgers Multilevel Segregation of security to pre- duties-sub vent unautho ledgers, Glasset rized access to custody data