For each of the following major business activities of the purchasing and payments processes, describe two controls that help mitigate the risk of error or fraud. 1. Managing inventory 2. Purchasing-vendor selection and management 3. Purchasing-placing orders 4. Receiving purchases 5. Paying for purchases

For each of the following major business activities of the purchasing and payments processes, describe two controls that help mitigate the risk of error or fraud. 1. Managing inventory 2. Purchasing-vendor selection and management 3. Purchasing-placing orders 4. Receiving purchases 5. Paying for purchases