1 10 points SAVE ANSWER As part of your audit of Normanhurst Limited, you revic internal control over the purchase, receipt, storage, and issue of raw materials. You observe the following processes: 1. Raw materials, which consist mainly of high-cost electronic components, are kept in a locked storeroom. Storeroom personnel include a supervisor and four clerks. All are well trained and competent. Raw materials are removed from the storeroom only upon written or oral authorisation of one of the production supervisors. 2. After the physical count, the storeroom supervisor matches quantities counted against a pre determined reorder level. If the count for a given part is below the reorder level, the supervisor enters the part number on a materials requisition list and sends this list to the accounts payable clerk. The accounts payable clerk prepares a purchase order for a pre- determined reorder quantity for each part and mails the purchase order to the vendor from whom the part was last purchased. 3. When ordered materials arrive at Normanhurst Limited, they are received by the storeroom clerks. The clerks count the merchandise and check the counts against the supplier's bill of lading. All suppliers' bills of lading are initialled, dated and filed in the storeroom to serve as receiving reports. Required For each process: a. list the internal control deficiency or deficiencies. (3 marks) b. explain the type(s) of misstatement(s) and the account(s) that is (are) likely to be misstated because of the deficiency. For example, 'accounts payable will be overstated because...' (4.5 marks) c. identify the key assertion(s) affected by each deficiency. (2.5 marks)