You are taking on a new role as the controller for a new movie theater which just opened up in town. The CEO of the theater has asked you to meet with her this week to discuss the need for internal controls $($over financial reporting$).$ In preparation of your meeting she would like you to prepare a memo outlining the top $5$ controls the theater needs to put in place to ensure accurate reporting specifically for the following areas: ticket sales, concession sales $($i$.$e$.$ sales of snacks and drinks$),$ and inventory $($snacks and drinks$).$ She would like to know the objective of each control and the related risk. To complete this you should use the following approach:

Control $($describe the specific control

Objective $($describe the purpose of the

activity you recommend$).$ Use the control control$).$ What is the control trying to

activity categories as guidance:

Risk $($describe the related risk$).$ This should

achieve. This should be connected to the

performance reviews, information

accurate reporting of one of the three areas describe what could go wrong. This is the

processing $($reports$,$ matching of

opposite of the objective.

requested: ticket sales, concession sales,

documents, logical controls, etc.$),$ approvals,

and inventory.

segregation of duties, and physical controls.

Control #$1$

Control #$2,$ etc.