Question 3 Assessing control risk in the purchase and cash disbursement cycle (38 Marks) a. Identify five control weaknesses in the purchase system. Explain how each control weakness may affect the financial statements (i.e. which accounts and assertions are at risk) and identify the audit procedures to test the account(s) and assertion(s) that are at risk. (20 marks) You are required to present your answers according to this format: Identify a control How the weakness may affect Audit procedures to address the weakness financial statements control weakness 1 2 3 etc b. Identify six control strengths in the inventory system and explain why each control is a strength (i.e. which accounts and assertions does it strengthen). For each control strength, identify audit procedures to test the effectiveness of control. (18 marks)