21 Aug 8–10 slides (not including cover and references) with note

8–10 slides (not including cover and references) with notesOver the past year, it has been determined that there may be some control issues in each of the major transaction cycles. The following is a chart of each cycle with the areas of concern identified Each member of your team should take 1 of the 4 specific transaction cycles and complete the following:The procurement and payment cycleThere were 4,000 purchase orders that totaled $55 M for raw material. There is concern that not all purchases were completed using formal purchase orders, receipts did not match payment authorizations, and purchase orders were missing Determine the appropriate methodology for designing tests of controls and substantive tests of transactions. Submit a 1-page chart with the following column headings: Transaction-Related Audit ObjectiveKey Internal ControlCommon Test of ControlCommon Substantive Test of Transactions In preparation for the year-end audit at Bovar Company, your team will create a presentation to management for its approval. Complete the following: Each member should present the methodology that he or she developed for his or her transaction cycle to the group, which should address the aforementioned control issues.The team should agree on how to address the identified control issues.The team should provide outlines regarding the methodology for each of the 4 major transaction cycles for the following:Designing tests of controlsDesigning substantive tests of transactions