Question 2 (30 Points) As the auditor of the Macintosh Company, you observed three issues that company's internal controls violate the internal control objectives or components: 1. Accounts payable disbursements and are done and recorded by the same employee. 2. Finance manager can approve every payment without consulting the CFO or CEO. 3. There are some procedures that violate the laws and in the country. Required: For each issue, i. Identify the objective or component that was violated. (3 point per issue) ii. How can top management resolve these issues? Explain with your own examples. (7 points per issue) Question 3 (30 Points) The finance manager of a dairy company made an unauthorized transaction and transferred the company's funds to his personal bank account. Explain the beginning, development, and ending of this story using the fraud triangle. Question 4 (25 Points) Auditor estimated the following "Planned Detection Risks" for the cycles: 1. Sales and Collection Cycle: High 2. Acquisition and Payment Cycle: Medium 3. Payroll and Personnel Cycle: Low 4. Inventory and Warehousing Cycle: Medium 5. Capital Acquisition and Repayment Cycle: Medium Required: i. Which cycles will become the easiest and the hardest to audit? Please explain in detail with your own examples. (10 points) ii. How will "highly effective internal controls" affect the given "planned detection risks?" Please explain in detail with your own examples. (15 Points)