1) The vast majority of firms these days have computer-based information systems. Discuss the main benefits and risks associated with computerized information systems and explain why each item is a benefit of weakness.

2) General controls in an IT environment are very similar to entity-level controls discussed in the reading on the control environment and application controls are very similar to transaction-level controls. Describe the main differences between general controls and application controls. Provide two examples of each to illustrate your answer.