2. (24 marks) From the following list of activities, identify whether there is an internal control risk for Jelly Industries Ltd., a chain of furniture stores. If the activity presents an internal control risk, choose the control that is missing. If the activity does not present an internal control risk, choose the control that is being properly used. (You will be marked based on accuracy of identification and explanation.) Control Risk Yes: Identify the control being missing Yes or No? No: Identify the control being used Activities (a) Deepak Sadana, the company's purchaser, places orders for furniture, receives the orders in the warehouse and makes payments to vendors. (b) When employees of the Brentwood store clock in on the store's point-of-sale (POS) system, they need to type in their employee password. For simplicity's sake, the password used for cach employee is their last name in lower case letters. (c) The cashier of the Brentwood store receives a float of $500 at the start of each shift. At the end the employee's shift, the cashier reconciles the cash in the cash register to ensure the total in the cash register equals the total cash sales plus the opening float. He leaves S500 in the till for the (d) When cash collections on account are received by mail, the mail room sends it straight to the company's accountant, who records the cash receipt in the accounting records and deposits the cash in the bank. (e) Each inventory item is recorded in the POS system at the Arbour Lake store. When Celia Lu, a new store clerk, entered a sale of five different picture frames, she entered the same code for all five frames, as they were the same price and it would take more time to enter five separate codes. (1) The Arbour Lake store has a security system that is turned on each night when the last employee leaves. Cash is placed in the store safe and security cameras are used to monitor the premises when it is closed. (g) The company's books are reviewed by an externa auditor each vear. h) Internal audits are performed each month by each store's manager