8. Feldspar Ltd (Feldspar) Feldspar is a manufacturer of children's bedroom furniture. They sell their furniture to retailers as well as directly to private customers who purchase the furniture through Feldspar's website. Where customers buy directly from the website full payment is taken in advance. Currently the website is not integrated into the inventory system and so it is not possible for inventory levels to be checked at the time orders are placed. Orders from retailers are taken by email or over the telephone, enabling inventory levels to be checked for these customers before the orders are accepted. Goods are dispatched via couriers who are supposed to record customer signatures as proof that the customer has received the goods. However, changes to deliveries as a result of covid-19 have meant that couriers are no longer recording customer signatures as proof that the customer has received the goods. New retail customers must undergo a full credit check prior to being accepted. Following this check a credit limit is proposed by sales staff and approved by the sales director, these credit limits are not reviewed. Raw materials used in the manufacturing process are purchased from a small number of key suppliers. As there are only a small number of suppliers, supplier statement reconciliations are not performed. It is Feldspar's policy that customers should pay their invoices within 30 days after receipt of the goods, however, no following up is done on invoices that are paid late and it has been noted that in recent times the level of invoices paid late is increasing. In order to compensate for this Feldspar's Finance Director has introduced a new policy whereby she approves all purchase invoices for payment 60 days after receipt of the invoice. Required: a) Identify and explain five deficiencies in the internal controls of Feldspar. (10 marks) b) c) Recommend a control to address each of the deficiencies identified in part a). (5 marks) Describe a test of control that could be performed to identify if each of the controls identified in part b) are operating effectively. (5 marks) You should present your answer using three columns headed Control Deficiency', 'Control Recommendation' and 'Test of Control' respectively (Total marks available for Question 8: 20 marks)