Answer part III, Please.

Part I General Information gathering about Convenience Stores: You have been hired by a company that owns a chain of Convenience stores (similar to 7- Eleven, Road Ranger, and Casey's General Store). This company sells gasoline, high quality fresh coffees, selected grocery items, sandwiches and some hot food, soft drinks, snacks and a variety of pastries in its Company-operated retail stores. The company's objective is to be recognized as the preferred retailer for competitively priced gasoline products and grocery and food items customers want to obtain quickly, in a clean and courteous environment. In order to perform quality audit work, you must understand the industry in which the company operates. Minimally answer these questions (using short bullet points): 1) Define the industry that the company operates in? 2) What are the industry risks including (but not limited to): The economy? Competitors? Changing customer demands? Substitute products? Technology? Regulation? . . 3) Draw conclusions about the overall risk of the industry and which Three risks are the most important (i.e. which risks should we pay specific attention to during the audits). Part II Casey's General Stores' business risk: 1) Using the information in the annual report, proxy statement, and website Read the latest financial statements and related information. 2) Search the web for other information about Casey's General Stores and its senior officers and directors. Identify and explain the top three major industry risks and business risks facing Casey's General Stores Again, using bullet points. 3) List three areas of the Casey's operation that you would consider auditing based on risk. Part III Additional Information to help with the Casey Audit: In addition to the information you already know from the first two projects, here is information about a Casey's store that is to be audited: 1) Has been opened since July 15, 2012 and has never been audited before. 2) Is located in DeKalb, Illinois near the university in an area surrounded by apartments that house many university students, but have non-university tenants as well. a) Employees are mostly students b) Customers are mostly students c) There is one full-time manager with two years' experience as an assistant manager before becoming manager of this store d) There is one full-time assistant manager e) There is one part-time assistant manager (A mother that opens the store each weekday morning and works from 6-11 AM) 3) The store is opened from 6:00 am until 2 am every day 4) In addition to the normal products sold by other Casey's stores, this store sells wine and beer. 5) The store contracts with a local bakery to make pastries. The pastries are made per specifications provided by the corporate offices. The store manager is responsible for selecting the type and quantity of pastries for delivery on any given day. 6) The manager was an assistant manager in a store in Peoria store for two years before being promoted to this position. He has been the manager of the DeKalb store since June 22, 2012 (he helped prepare the store for its opening) 7) Revenue for the store was slow for the first month it was opened. Revenue has been very strong since mid-August and has been comparable with other stores in the same size communities for 2012 8) The store manager is recommending a new promotion. After 3 PM a 16 oz. fountain drink is free to anyone purchasing a sandwich. Sandwiches' cost (Casey's cost) is $1.87 and a 16 oz. drink costs is $0.47. Sandwiches cost the customer $3.99 and a drink cost the customer $0.99. The store manager says the store averages about 35 sandwiches a night (from 3 PM 9 PM). He believes the promotion can increase the number of sandwiches sold each night to 50 sandwiches. Management wants your recommendation concerning this promotion, including internal controls. Required: A) Define the objectives of this audit B) Prepare an internal control questionnaire regarding cash. There should be at least 10 questions. C) Develop a preliminary audit program