5 (7 marks) ABC Limited has recently observed some growth in their sales. The company has managed its expenditure cycle activities through a paper and pencil-based system. In response to this rapid growth, the company decided to configure a new expenditure cycle using the basic technology. The head of the accountant is mainly concerned about the business activities of the following departments: Purchasing Department; Receiving Department; and Account Payable Department. These business activities are presented in Figure 2 below. Purchases Department Receiving Department PO PO Vendor 07-11-13-0 Inventory Records Identify items and Select Vendor Packing Slip Packing Slip Prepare Receiving report Account Payable Department Vendor T Invoice Rec Reprt Rec Reprt Reconcile documents and set up Liability Reprt LD Invoice Rec Account Payable On Due date Remove liability. and Disburse cash Check Vendor Cashi Disbursements Journal Required: Figure 2. a) Based on the above information, discuss the uncontrolled risks associated with the system as currently configured? [4 Marks. Word Limit: Up to 150 words] ANSWER a): b) Describe the controls that need to be implemented into the system to mitigate the risks in the given scenario. [3 Marks. Word Limit: Up to 150 words] ANSWER bl. ||