Required: 1. Describe the risks associated with the system depicted in the flowchart below. 2. Describe the physical controls needed to mitigate each risks. Purchases Department Identify Items and Select Vendor Receiving Department Packing Central Computer Facility Account Payable Department Warehouse Sip O PO Invoice Rec Report Prepare Receiving Accounting System report 1-1 Vendor Packing Rec Reprt Slip PO Inventory Records Rec Reprt Rec Reprt PO PC Invoice Account Payable Rec Reprt Vendor Reconcile documents and set up Liability Reconcile and Update Inventory