Question

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

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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Answer #1

Construction business Inherent risk

* Lack of maintaining relationship with labourers and workers

* Lack of control usage and accounting of material and funds

*Unfamilarity with local conditions

* Design errors and ommisions

. The company should maintain healthy relationship with contractors, supplying labourers and need to enter to enter to valid contracts from time to time and specifying the important clauses at the time of entering into agreement.

. As there will be huge usage of material and funds in construction

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