You are currently the external audit manager at a client, Britestar Enterprises. The company employs approximately 250 people and has an annual turnover of R90 million. During the audit you have found serious lapses in internal control prevalent throughout the company. You have attempted to discuss these with the managing director before issuing your final audit report. So far, he has been quite dismissive of your concerns and has responded saying "I make sure that all invoices are checked before any payments are made" Your audit partner is quite concerned due to the recent corporate scandals in South Africa where external auditors have been found to be negligent. He has asked you to do the following: REQUIRED: 3.1 Prepare a memo to the managing director discussing the following FIVE (5) main components of an effective system of internal control. (15 marks) 3.1.1 The control environment 3.1.2 Risk assessment 3.1.3 Control activities 3.1.4 Information system 3.1.5 Monitoring 3.2 Discuss FIVE (5) advantages of implementing an effective system of internal control (5 marks)