3. Mirror Mirror Windows (MMW) is a window cleaning company. Customers' windows are cleaned monthly, the window cleaner then puts a self-addressed envelope for payment under the customer's front door MMW has a large number of receivable balances and these customers pay by cheque or cash, which is received in the self-addressed envelopes through the post office. The following procedures are applied to the cash received cycle a) A junior clerk from the accounts department opens the mail and if any cheques or cash have been sent, she records the receipts in the cash received log book and thein b) The contents of the cash box are counted each day and every few days these sums c) The cashier records the details of the cash received log book into the cash receipts d) Usually on a monthly basis the cashier performs a bank reconciliation, which he places all the monies into the locked small cash box are lodged by whichever member of the finance team is available day book (i.e. cash book) and also updates the sales ledger then files, if he misses a month then he catches this up in the following month's reconciliation, Required: (i) Identify and explain THREE deficiencies in the system above (ii) Suggest controls to address each of the deficiencies identified above (iii) List tests of controls the auditor of MMW would perform to assess if the controls (6 marks) (3 marks) suggested in part (ii) are operating effectively