Gracious Industries is a private limited company with 35 employees and sales revenue of more than $10.5 million during the past year. It has been in business for over 40 years and supplies electronic parts to a number of different businesses, including hardware stores and supermarket. The company has experienced a growth in orders over the last few years for some of its new green product ranges. However, Gracious has recently lost some key accounts because of being unable to produce some of its products at a competitive price.
Although the company hired an accountant who was keeping their books for them and producing the financial statements each year, the company thought they needed much more information to run their business efficiently. They felt that they needed to make an investment in an accounting software to take their business to the next level.

Required:
1. What are the key business processes for Gracious Industries?
2. What are the major control risks for the business processes of the company?