4 (7 marks) Mr Paul finished his accounting qualification in the early 2000s, and he joined AISL Corporation as an accountant. After delivering his services for over two decades, he is a highly regarded employee of the AISL Corporation. His loyalty to the company is reflected in his dedication to his job as a general accounting clerk. From which he has not taken a vacation in almost 15 years. Because of his commitment and long tenure, he has acquired many related responsibilities, which has allowed the AISL Corporation to reduce its workforce through attrition, control salary expenses, and become more efficient and competitive. In particular, Mr Paul is performing the following tasks. Mr Paul receives copies of credit sales orders from the sales department. He accessed the AR subsidiary ledger from her office computer and recorded the AR from these documents. He then records the sales in the sales journal and posts the transactions to the general ledger accounts. Cash receipts in payment of customer accounts receivable come directly to his office. He records the cash receipts in the GL cash and AR accounts and updates the AR subsidiary ledger. He then endorses the checks "for deposit only" and deposits them in the bank at the end of each day. Required: a) Based on the above information, identify any control problems in the procedures of AISL Corporation. [3 Marks. Word Limit: Up to 150 words] b) Based on the control problems identified in Section (A) above, what sorts of fraud are possible in this system? [2 Marks. Word Limit: Up to 150 words] ANSWER b): c) What controls are needed to reduce the risk of fraud? [2 Marks. Word Limit: Up to 150 words] ANSWER C)