i wanna make a resume of the final project, which is the summary of the 3milestone. Attachment 1 Attachment 2 Attachment 3 ATTACHMENT PREVIEW Download attachment ACC 700 Milestone Two.docx Running head: Sample Audit Program 1 Audit Program Sample Audit Program 2 Introduction Newham Company is publicly traded company operating in the personal product industry. The company produces cosmetic and body care products. Newham Company sells its products to large department chain stores such as Wal-Mart and Target that then sell to final consumers. The competitors of the company include Revlon Inc. and Avon products Inc. the company had a constant growth over the past years. However, there has been change in executive management, including the CEO and CFO. The change was sparked by questionable bonus payment that was paid to the executive management team based on the company performance. Consequently, a lawsuit was filed in the claim that new product was not properly advertised, leading to many customers to experience allergic reactions. Business risk analysis Business risks are inevitable part of the business. From the financial risks such as investments, new market competition, unwelcome threats in the business world. Therefore, the management need to equip the business with risk management strategies to be ready to meet risks and fight them with minimal disruptions of the business operations. The business risks for the Newham Company comes in many forms and it is important to consider different types of risks in order to properly assess the ones that greatly impact the business operations. Therefore, Newham Company need to create a list of the identified business risks helps the company to organise risks assessment. First in considering the business internal environment, the following risks will be looked at relating to the Newham Company: financial, marketing, operational, strategic and work force risks. Second, external business environments consider the changing economy, new market competition and natural disasters (Francis, 2011). However, some business risks are not easily noticeable and therefore, the identification process needs to be carried carefully. We are considering the business risks for each business function in Newham Company. Therefore, we are evaluating each business functions in regards to the effects that would occur if the function were interrupted, unavailable or significantly changed. Therefore we are going to consider: The types of events that may adversely impact the business function The upside and downside of failure scenarios for each business function. Also need to review the alternatives for each risk identified. Business risks considering in each department 1. Safety Potential for human loss of life or injury Potential for major incident or accident such as fire, explosion, spill or release Environment damage Office or facility security 2. Revenues Loss of customer base Recoverable monetary loss Lost opportunity in time to market Unrecoverable monetary loss Sample Audit Program 3 3. Costs Costs incurred due to problems that could have been prevented Costs due to lost discounts, increased warehousing space, vendor changes Legal defence costs 4. Legal Regulatory compliance failures Results or actions that could justify legal actions against the company(litigation) 5. Related exposure Loss of customer Loss of goodwill Loss of shareholders confidence Loss of reputation or public image or investor confidence 6. Security breaches System breaches causing lost data System breaches causing loss of capital Physical security breaches Audit program General items 1. Get relevant financial information Monthly financial reports Charts of accounts listing End year trial balance report CARL system quarterly report 2. Review relevant financial information for any unique or unusual items relating to the field. 3. Review previous internal auditors and obtain their findings: 4. Review the internal control questionnaire: