Question 1: Identify 2 risks in your audit area of non-inventory procurement,
a. Read the material included about the company and its processes to gain an understanding of the business and its control structure.
b. Brainstorm potential misstatement and fraud risks and evaluate the design of the controls for effectiveness.
c. Determine specific tests to conduct on the data set you have been provided and the goals of those tests.
Question 2. Use the data set provided to test for your 2 identified risks.