Checks are printed on a dedicated printer located in the common area within the treasurer's department using special stock paper that is stored in a cabinet at the entrance of the treasurer's department. All printed paper checks are sent to the accounts payable clerk, to be mailed to the respective suppliers.

Monthly, the accounts payable clerk reconciles the invoices processed against checks mailed as well as EFT payments disbursed. Simultaneously, the treasurer reconciles the bank statements against the printed checks as well as EFT payments disbursed. Results of both these reconciliations are discussed during the monthly meetings between the accounts payable clerk and the treasurer.

Required:

Question $4(15$ points$)$

Identify three weaknesses around "Reconciliation" in the process above and explain the impact $($consequences$)$ of such weaknesses $(1\mathrm{.}5$ marks each$)$

Propose one control procedure to overcome each weakness identified in $(1)$ above $(1\mathrm{.}5$ mark each$)$

Develop one test of control audit procedure to evaluate the effectiveness of each control procedure identified in $(2)$ above. While doing so$,$ be sure to identify the extent of sampling, focus of the audit testing procedure, audit evidence gathering technique applied, and nature of the audit testing procedure. $(2$ marks each$)$