1) ERP systems integrate various business functions and processes through a shared database. This provides seamless information flow across the organization. 2) Implementation risks include choosing the wrong ERP, high costs and cost overruns, and disruptions to operations during business process reengineering. 3) Internal controls and auditing are impacted through increased reliance on programmed controls versus manual intervention, issues with segregating duties in an integrated system, and ensuring appropriate access controls over the ERP system and data.