As a senior internal auditor at Braxton's, a global clothing manufacturer, you are responsible for reviewing audit findings, including activities deemed inappropriate or high risk, from the prior year to create a summary of risks throughout the business. This list of risks will be used during this year's audit risk assessment, which helps internal audit leadership determine which audits to plan next year. For each of the following business activities, identify the risks it creates. Accruals may be understated or overstated, and other adjusting entries may be incorrect. Complex and non-routine accounting transactions may result in incorrect recording. Financial statements that do not comply with GAAP may result in regulatory fines and penalties. Incorrect, fictitious, omitted, duplicative, or incorrectly recorded journal entries may result in misstated financial statements. Loss of assets due to fraud, theft, negligence, or destruction may result in a lack of proper reflection in the financial statements. Related party transactions may result in improper identification of the parties or incorrect recording of entries. Reporting complexities may result in financial statements and other reports may be inaccurate, unreliable, or not Reporting complexities may result in financial statements and other reports may be inaccurate, unreliable, or not issued in a timely manner. Unauthorized access to documents and other accounting-related records may result in their destruction, alteration, or loss. Unauthorized access to proprietary and confidential information may result in reputational damage or loss of competitive advantage. Violations of the SEC, IRS, and other reporting requirements, including loan covenants, may result in fines and other punitive actions. The entire IT support team 1. has access to all GL accounts. Sales between intercompany departments are not identified. Some transactions 3. arenot recorded in U.S. dollars. It is discovered that quarterly taxes have 4. not been paid for two straight quarters. The company 8. benefits plan is canceled. The monthly cost of vehicle insurance, 9. which is paid in full as a yearly premium, was miscalculated. Reviews of the inventory 10. account are not occurring frequently. General ledger accounts do 5. not have clearly assigned account owners. Because documents were not marked as paid, 6. duplicate expenses were recorded for a period of three days. Plans for a newly designed 7. product are saved on a shared drive with no security