1.Consider the results of internal control audit at Paramount and identify four (4) risks that could lead to a misappropriation of funds and suggest ways to mitigate these risks.

2. Using what you have discovered, list how Paramount have failed to maintain an audit trail when handling funds and financial data.

3. One of the points from the internal audit indicated the following:

Service invoices for some repairs to equipment were not signed or linked to a purchase order. There was no check that the work had actually been carried out. You are required to come up with a procedure to maintain an appropriate audit trail to ensure this does not happen in the future. You need to ensure you accurately track all expenses to identify discrepancies between agreed and actual expenses.