Table 9.6 (page 424) identifies three risks typically encountered when receiving and recording payments.

Required

(a) Analyse the degree of exposure to each of these risks for the receiving payments process at AB Hi-Fi.

(b) Determine how many of the common controls described in table 9.6 are present in the receiving payments process at AB Hi-Fi.

(c) Prepare a short report suitable for senior management to explain how risky you think the receiving payments process is, and how comprehensive the current internal controls are.

(d) Prepare a recommendation describing any changes you would like to make to the receiving payments process at AB Hi-Fi in order to reduce the level of risk,