$5.$ Case study: Beta Pty Ltd

Beta Pty Ltd is a computer hardware wholesaler. There are two office staff $($Jan and Simon$)$ and three workers in the warehouse $($Peter$,$ Paul and Mary$).$ Jan is in charge of customer accounts and administration, and Simon takes care of purchasing. Jan receives customer orders, enters them into the computer system and ensures the warehouse dispatches them with an invoice attached. She collects and opens the mail, and processes all the customer payment cheques before taking them to the bank and depositing them every second day. Once stock in the warehouse reaches a minimum level, Simon calls up the relevant supplier and places an order. The goods are received in the warehouse, and the delivery docket and invoice are given to Jan who processes the invoice, writes the cheque and sends it to the supplier

Question $1$: Describe how internal controls may be ideal in the following situation below mentioned:

Question$3$: What is risk management? What are the different areas of risk?