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List at least 4 inherent risks of the following business. What controls you would suggest mitigating those risks. i. A retail business such as a

List at least 4 inherent risks of the following business. What controls you would suggest mitigating those risks.

i. A retail business such as a service station/food center

ii. A construction business

Why do you think clearly defined policies and procedures are important for Internal Control perspective? Please strengthen your answer with examples.

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