Highlight two risks of using spreadsheets for budgeting purposes and suggest how each risk could be mitigated or eliminated.

(1) Using MS Excel build a budgeting model for Lillywhites Ltd in accordance with good spreadsheet design principles;

(2) In the same MS Excel file create a worksheet and build a variance report for Oct-2019 showing the budget, actual and variances for all cost centres;

(3) Write a 250 word email (+/- 10%) to the FD highlighting two risks of using spreadsheets for budgeting purposes and suggest how each risk could be mitigated or eliminated.