Comet and Co Question . . . Comet & Co is a book retailer, with 10 stores and a central warehouse, holding the majority of inventory. Details of the purchases system follow. Store managers are responsible for ordering books for their shop. It is not currently possible for store managers to request books from any of the other 9 stores. Customers ordering books, which are not in stock at the branch visited, are told to contact the other stores directly or visit the company website. As the inventory levels fall in a store, the store manager raises a purchase requisition form, which is sent to the central warehouse. If there is insufficient inventory in the warehouse, a supplier requisition form is completed and sent to the purchase order clerk, Oliver Dancer, for processing. He sends orders above $1,000 for authorisation from the purchasing director. Receipts of goods from suppliers are processed by the warehouse team, who agree the delivery to the purchase order, checking quantity and quality of goods and complete a sequentially numbered goods received note (GRN). GRNS are sent to the accounts department every two weeks for processing. On receipt of the purchase invoice from the supplier, an accounts clerk matches it to the GRN. The invoice is then sent to the purchase ordering clerk, Oliver, who processes it for payment. The finance director is given the total amount of the payments list, which she authorises and then processes the bank payments. Due to staff shortages in the accounts department, supplier statement reconciliations are no longer performed. Required: In respect of the purchases system for Comet & Co: Identify and explain FIVE deficiencies; Recommend a control to address each of these deficiencies; and Describe a TEST OF CONTROL the auditor should perform to assess if each of these controls, if implemented, is operating effectively to reduce the identified deficiency. Note: Prepare your answer using three columns headed Control deficiency, Control recommendation, and Test of control respectively. (15 marks)